Flour Mills appoint new Honeywell management, board after takeover

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.

Read also: Flour Mills to acquire N333.06m worth of shares in Honeywell Flour

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.”

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