The Initial Public Offering of Dangote Flour Mills Plc has been extended even as the directors have also decided to make more shares available to investors.
DFM is offering 1.25billion shares at N15. The offer had opened on September 6 and was expected to close on Thursday (today).
However, a statement from the company on Wednesday said that the offer had been extended by another 10 days. This means that the offer is now scheduled to close on October 8. According to the statement, the extension will allow the investors more time to buy shares.
Also the company has reduced the number of shares slated for preferential allotment to some identified investors from 60 per cent to 20 per cent. Consequently, the volume of shares available to investors has been increased from one billion units, while those available for preferential allotments are 750million shares.
DFM originally operated as the division of Dangote Industries Limited and has three business divisions - The flour milling, pasta production and polypropylene bags production.