Singapore-based commodity trader, Olam International, on Tuesday said it will buy Nigeria’s Dangote Flour Mills for an enterprise value of N130 billion ($424.9 million), as it looks to bolster its position in Nigeria’s wheat market.
The deal expands Olam’s reach in the pasta market in Nigeria, as it looks to cash in on the growing demand of wheat-based products in the region.
The final deal value will be based on net debt and net working capital of Dangote Flour Mills, the company said in a statement.
Olam will fund the deal, which is on a debt free and a cash free basis, from internal cash resources and existing borrowing.
South Africa's Sibanye Gold finalises $1 bln rights issue at 60 pct discount
Commodities Update – May 18, 2017
Commodities update June 08, 2017
Commodities update; Oct. 10, 2017
ING, Societe Generale, ABN Amro do first blockchain agricultural commodity trade
FAPA, AFAP sign $1m grant agreement to support smallholder farmers in Nigeria, four others
LCCI wades in to help SME farmers access finance for agric development
Grain futures dive on projections of larger yeield
Cashew farmers accuse Kogi of multiple taxation, obnoxious policies
NIHORT expedites action on improved tomato production, preservation
Frontpage February 7, 2018