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Dangote to realise N18.75bn from sale of flour mill
By Goddy Egene
Published: Thursday, 12 Jul 2007
INDUSTRIAL conglomerate, Dangote Industries Limited, is to realise about N18.75bn from the sale of 25 per cent stake in Dangote Flour Mills Plc.

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Photo File
Aliko Dangote

Dangote Flour Mills is one of the companies in the Dangote Group.

Prior to 2006, all the companies under the Dangote Group were privately-owned by the leading industrialist, Alhaji Aliko Dangote, who is its chairman and president.

However, having promised to allow many Nigerians to benefit from his wealth, he took Dangote Sugar Refinery Plc to the capital market and was eventually listed in March 2007.

He sold 30 per cent of that company to investors through an Initial Public Offering. Dangote realised over N50bn from the DSR IPO last year.

The PUNCH had reported exclusively on Thursday that the proposed IPO of DFM would be made at N15 per share.

DFM has a paid-up share capital of five billion shares of 50 kobo each. It was gathered that Dangote is to sell 1.25bn shares at N15 per share, representing 25 per cent.

Our correspondent gathered that the company’ directors and financial advisers have concluded that the IPO be made by a way of offer for sale, which means that proceeds will go to Aliko Dangote and not the company.

The Senior Manager, Corporate Affairs, Nigerian Stock Exchange, Mr. Sola Oni, confirmed to our correspondent on Wednesday that DFM had already applied to the NSE for the eventual listing of the shares after the offer. He said the application was undergoing necessary approval process.

Our correspondent however, found that the company had appointed 11 issuing houses and many stockbrokers to package to IPO. Some of the issuing houses are IBTC, FCMB Capital Markets, Zenith Bank Plc, Afribank Nigeria Plc, Diamond Bank Plc GTBank Plc, Fidelity Bank Plc, and Intercontinental Capital Markets Limited.

Meanwhile, some investors have hailed Dangote’s decision to bring DFM to the stock market.

Mr. Adebayo Adeleke, of the Independent Shareholders Association, said, “It will help to deepen the market and provide another window of investments other than the banks. Expectation of capital gains is high.”

In the same vein, the President, Progressive Shareholders Association, Mr. Boniface Okezie, said the IPO would be an advantage to investors who had been patronising the products of the company to benefit as shareholders.

“It is a good development. Dangote should be commended. Although the N15 offer price is still good but I would have preferred an offer price of N10 so that more Nigerians will be able to buy the stock and enjoy the benefits,” he said.

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