Four months after buying a 76.75% stake in the company, Honeywell Flour Mills has stated that Flour Mills of Nigeria will take over an additional stake through a mandatory takeover.
In a report made available to investors on Thursday, Honeywell Flour Mills revealed that it had made an offer to shareholders to buy 79.30 million shares for N333.06 million, or N4.20kobo per share.
Through Ecowise Horizon Investment Limited and Creywise Investment Solution Limited, which together hold a 76.75 percent stake in Honeywell Flour, Flour Mills of Nigeria will buy the new shares.
Flour Mills purchased 6,086,381,572 ordinary shares of 50 Kobo in April, amounting to a 76.75 percent acquisition, with 71.69 percent coming from Honeywell Group and 5.06 percent from other sources.
Buying 6,086,381,572 ordinary shares of 50 Kobo apiece in April, Flour Mills purchased 76.75 percent of the company, with 71.69 percent coming from Honeywell Group and 5.06 percent coming from First Bank of Nigeria Plc.
According to a statement from Honeywell Flour – “By way of additional information-following the previous notification to Nigerian Exchange Limited on July 29, 2022, regarding the Flour Mills of Nigeria Plc (“Flour Mills”) Mandatory Take-Over Offer (MTO) by Honeywell Flour Mills Plc (“Honeywell” or “the Company”) (through Ecowise Horizon Investment Limited and Greywise Investment Solution Limited).
As per the pricing at which the block trade was completed, the MTO is valued at N4.20 (Four Naira, Twenty Kobo) per share. The statement states that the offer has started.
