Business
Flour Mills to acquire N333.06m worth of shares in Honeywell Flour
Honeywell Flour Mills has disclosed that Flour Mills of Nigeria will acquire more stake in the company through mandatory takeover, four months after FMN purchased 76.75% stake.
In a filing released to investors on Thursday, Honeywell Flour Mills disclosed that Flour Mills offered N4.20kobo per share to shareholders, to acquire 79.30 million shares – at the cost of N333.06 million.
Flour Mills of Nigeria will purchase the new shares through Ecowise Horizon Investment Limited and Creywise Investment Solution Limited, both of which own 76.75% stake in Honeywell Flour.
In April, Flour Mlls had bought 6,086,381,572 Ordinary Stares of 50 kobo each, representing 76 75%, with 71.69% acquired from Honeywell Group, and 5.06% held by First Bank of Nigeria Plc.
Read also: Flour Mills gets approval for acquisition of majority stake in Honeywell
Ripples Nigeria gathered that the qualification date for the MTO Is 5:00pm on Thursday August 5, 2022; being the settlement date for all trades that are executed on Friday, July 29, 2022.
In the statement obtained, Honeywell Flour stated, “By way of additional information – following the previous notification to Nigerian Exchange Limited on July 29 2022 regarding the Honeywell Flour Mills Plc (“Honeywell or “the Company’) Mandatory Take-Over Offer (MTO) by Flour Mills of Nigeria Plc (“Flour Mills”) (through Ecowise Horizon Investment Limited and Greywise Investment Solution Limited
“please be advised that the MTO Is priced at N4.20 (Four Naira, Twenty Kobo) per share; being the price at which the Block Trade was executed. The offer has commenced.” The statement reads.
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