Honeywell Flour Mills has disclosed that new board members and management teams have been appointed following the acquisition of the company by Flour Mills of Nigeria (FMN).
Ripples Nigeria had previously reported that Flour Mills, through its subsidiaries, Ecowise Horizon Investment Limited and Greywise Investment Solutions Limited, acquired 75% equity of Honeywell.
This N333.06 million deal gave Flour Mills the controlling stake in Honeywell, leading to the change of management and board members in the company.
The ongoing shakeup in the board and management team has led to a delay in Honeywell’s 2022 Annual General Meeting (AGM) according to filing submitted to the capital market authority, Nigerian Exchange Limited (NGX) on Monday.
As a result, the Securities and Exchange Commission (SEC) has granted an extension of time for Honeywell to hold its AGM, the statement obtained by Ripples Nigeria disclosed, following a request from the company.
The statement reads, “Following the acquisition of over 75% equity in the Company by Ecowise Horizon Investment Limited and Greywise Investment Solutions Limited, subsidiaries of Flour Mills of Nigeria Plc, a new board has been appointed for the Company.
“In addition, a new Management team has been appointed to champion the Management. The change of Management and rigors of handover process which is currently in top gear constrain us to make this request.” Honeywell said.
It further stated that, “Following the application, the Commission approved an extention for HFMP to hold Company’s AGM on or before 30th March 2023.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...
SPECIAL REPORT: Hike in gas price forces more Nigerians to use coal, sawdust, as smoke kills 93,300 yearly
In the build-up to the 27th Conference of Party (COP 27), Nigeria recently launched its energy transition plan (ETP) as one of...
INVESTIGATION: How roadside foods endanger consumers’ life with trans fat in northern Nigeria
With an estimated 854,000 deaths in Nigeria, and 3,229 attributed to trans fatty acids (TFA) -related cardiovascular deaths, ADESOLA IKULAJOLU visited Nigeria’s...