Flour Mills to pay shareholders N8.8 billion dividend

Flour Mills to pay shareholders N8.8 billion dividend

Flour Mills Nigeria PLC will reward shareholders with a dividend payout of N8.82 billion, translating to N2.15 per share for the financial year 2021, the firm said in a notice published on the Nigerian Exchange Limited (NGX) on Wednesday, seen by PREMIUM TIMES.

The consumer goods manufacturer said payment of the dividend is subject to appropriate withholding tax and will go to shareholders whose names appear in the register of members as of the close of business on August 12, 2022.

The firm paid N1.65 dividend per share in the 2020 financial year, meaning shareholders will receive 30.3 per cent more this time around.

It said the register of shareholders will be closed from Monday 15 August to Friday 19 August, 2022.

The cash reward will be paid electronically to shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

In April, Flour Mills got the go-ahead from regulators to acquire a acquire a 71.69 per cent stake in Honeywell Flour Mills Plc and a 5.06 per cent belonging to First Bank of Nigeria Limited in the same entity, with the combined potential holding in the firm coming to 76.75 per cent.

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The food processing company also holds a controlling stake in another listed flour-maker Northern Nigerian Flour Mills, putting it on track to become Nigeria’s biggest flour company by asset.

It posted a record turnover of N1.2 trillion for last year, retaining the crown as Nigeria’s biggest listed food and beverages company by revenue.

“Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s F-Dividend Mandate Activation Form,” the document said.

“Dividend Shareholders with dividend warrants and share certificates that have remained unclaimed and Share or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.”

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