Following the legal tussle between Honeywell Flour Mills Plc and Ecobank Nigeria Limited, the management of Flour Mills of Nigeria Plc has put up a public statement advising its shareholders and the investing public to remain calm.
It made its position public through a circular sent by its legal representatives.
It assured shareholders that its recent announcement to assume the majority shareholder status of Honeywell Flour Mill Plc ("HFMP") on Monday, November 22, 2021, was made after carrying out necessary due diligence and obtaining appropriate legal guidance.
It, however, assured the investing public that the issues raised by the current publication of Ecobank Nigeria Limited, desisting the company from any further move to increase its stake in "HFMP," is currently been resolved and that a definite position will be sent to the public soonest.
With shareholders looking forward to the impending takeover of HoneyFlour Mills of Nigeria by FlourMills of Nigeria Plc, many were shocked to see this legal drama.
The company, in responding to that publication, urged its shareholders to maintain their trust in FMN management, whose actions are guided by global best practices.
"We will work diligently to maintain the group’s sterling reputation as one of Nigeria’s leading and oldest agro-allied companies.
"FMN, in a statement, had earlier disclosed that it had reached an agreement for the proposed combination of FMN through its affiliates and HMMP, for a total enterprise value of NGN80 billion", the company secretary/director of legal services-Umolu, Joseph A.O., concluded.