Dangote Flour Mills rises on share offer

Dangote Flour Mills climbs 3.45 percent, a day after majority owner, South Africa's consumer goods group Tiger Brands said it will offer to acquire additional shares from its Nigerian minority holders. 

Tiger Brand bought 63 percent stake in Dangote Flour Mills earlier this year from Billionnaire tycoon Aliko Dangote for $188 million and plans to buy additional seven percent shares from retail investors to bring its shareholding to 70 percent.

Shares in the flour miller gain 3.45 percent to 7.90 naira, outperforming the all-share index which is down 0.25 percent to 26,236 points. Dangote Flour, the flour mixer, has gained 50 percent so far this year.

Other gainers include Guinness up 3.61 percent, Unilever and Dangote Sugar each up more than 2 percent. - Reuters