Dangote invests N10b in flour mill to buy back majority stake from Tiger Barand
Billionaire businessman and Chairman of Dangote Group, Aliko Dangote, has said that the company injected N10 billion to buy back a majority stake in Kano's Dangote Flour Mill from Tiger Brand to get it working again.
“When our core shareholder, Tiger Brand Ltd that holds greater percent of the company's shares, decided to close down the flour mill, Dangote Group decided to buy back the shares and re-open the company and that is why we have injected N10 billion to that effect,” Dangote said at the re-opening ceremony of the company in Kano.
He said that allowing the company to shut down was a mistake the Group would not allow to repeat in the future.
According to the chairman, “We have realised that without this company operating, the livelihoods of over 30,000 people will be jeopardised. The closure was a mistake that will never be repeated, thanks to our customers who remained loyal to us despite all odds.”
The company's commercial director, Halima Aliko Dangote, noted that the firm will henceforth re-strengthen its relationship with its customers and encourage them to do business with it and assured the customers of better quality flour and services.
The company used the occasion of the event to distribute delivery trucks and vans to numerous customers who have shown loyalty and commitment to its products.
Dangote Flour Mills Plc is listed on the Lagos Floor of the Nigerian Stock Exchange (NSE) with the symbol “DANGFLOUR”.
Dangote Flour Mills Plc commenced operations in 1999, as a division of Dangote Industries Limited – one of Nigeria’s largest and fastest growing conglomerates.