• Business - Companies
  • Updated: May 01, 2022

Flour Mills Given Regulatory Approval For 76.75% Stake In Honeywell

Flour Mills Given Regulatory Approval For 76.75% Stake In Ho

The Flour Mills of Nigeria has disclosed that it has gotten the necessary regulatory approvals to acquire a 71.6 percent stake in Honeywell Flour Mills (HFMP) and another 5.06 percent stake in HFMP held by First Bank.

The firm revealed that the transaction has been "consummated by the parties".

The news is contained in a notification dated Friday, April 29, 2022, signed by Joseph Umolu, Flour Mill’s Company Secretary/Director of Legal Services, and sent to the Nigeria Exchange Group.

According to the press release, the acquisition has been approved by all relevant regulators, namely the Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria (SEC).

Flour Mills is set to pay N4.2 per share for the 71.69% stake in the Honeywell which translates to a 13.5% premium to the N3.7 closing price reported on Friday on the Nigerian Exchange. 

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...


We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings