BUSINESS

Flour Mills Acquires 71.69% Majority Equity In Honeywell, 5.06% Equity In FBN Holdings

 

Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated Food and Agro-allied group, owners of the iconic brand – ‘Golden Penny’ has announced that it had reached an agreement with Honeywell Group to acquire its 71.69% majority shareholding interest in Honeywell Flour Mills Plc (HFMP).

In a notice at the Nigerian Exchange on Monday signed by Umolu Joseph A.O, Company Secretary, FMN said it had also entered into an agreement with FBN Holdings Group to acquire its 5.06% equity in HFMP.

“Consequently, upon completion of the acquisition, and subject to obtaining all requisite regulatory approvals, FMN is set to hold a circa 76.75% equity interest in HFMP,” the notice said.

“Given FMN’s parallel negotiations for both stakes culminating in the agreements being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same.”

Commenting on the transaction, Omoboyede Olusanya, Group managing Director of FMN said, “The proposed transaction is part of our global growth strategy; which is aligned with our vision to not only be an industry leader, but also a national champion for Nigeria in the Food and Agro-allied Industries.”

The notice advised shareholders and potential invest

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