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Dangote Flour Mills Records Higher Highs On The Nse Following Olam’s Acquisition - Business - Nairaland

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Dangote Flour Mills Records Higher Highs On The Nse Following Olam’s Acquisition by postbox: 1:53pm On May 03, 2019
On April 30, 2019, 37.8 million of Dangote Flour Mills’ shares changed ownership.  

This is a record level for the firm since December 14, 2015, when 63.4 million shares were negotiated. It is also the first time since 2014 that the share is recording 11 straight days up with an average of 8.4% increase daily.

In those eleven days, the firm’s market capitalisation went 124% up to NGN94 billion for NGN18.8 of the share. This is the highest price ever reached.

This performance on the Nigerian Stock exchange is achieved despite the firm’s flat financial performances in 2018 and the mixed outlooks till 2020. The dynamic can therefore only be related to the attractive offer made by Singaporean agribusiness Olam that made a full acquisition offer for NGN130 billion ($362 million at the official exchange rate).

For long-time shareholders, this is an excellent opportunity to realise an attractive plus-value. The current offer will cover periods when dividends were not distributed. For instance, for those who have been holding the firms’ shares since April 2, 2014, the plus-value is 124.5%.

According to analysts, growth prospect is still high for the firm. Its current market capitalization offers a profit potential estimated at 38.2% but, Olam’s acquisition offer is yet to be approved.

SOURCE: https://brandspurng.com/2019/05/03/dangote-flour-mills-records-higher-highs-on-the-nse-following-olams-acquisition-offer/

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