Flour Mills of Nigeria Plc, a market leader in food and agro-allied products in Nigeria, has announced an increase in the shareholding of one of its subsidiaries, Rom Oil Mills Limited, Ibadan, from 90 per cent to 95 per cent.
With this development, the company, in a statement, said it remained the largest shareholder in Rom Oil Mills, while the Shahimi family collectively own five per cent minority shares in the equity of ROM.
According to the statement signed by the Group Managing Director of FMN, Paul Gbededo, the decision to increase the shareholdings in Rom Oil Mills was informed by Flour Mills’ strategy of continually investing in the development of quality foods and agro-allied products for its consumers.
The group had in November, 2014 announced the commissioning of an ultra-modern edible oil refinery and margarine plant by ROM Oil Mills Limited as part of the FMN Group’s expansion plans for ROM Oil.
According to the group, the refinery is a 500-tonne per day universal refinery plant; a 500-TPD soya beans seeds extraction plant; 100 TPD fractionation plant; 50 TPD margarine with packaging plant (in various pack sizes); and 100 TPD vegetable oil bottling plant (in various pack sizes).
Gbededo stated that the FMN was fully confident that its new investment would help to strengthen the company in its drive for economic growth and industrial development of Nigeria.
He further stated that the investment was a key feature in FMN’s strategic drive to grow its food and agro-allied value chains, in consonance with its developmental thrust and will help boost Nigeria’s Industrial Revolution Plan and Government’s Agricultural Transformation Agenda.
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