Monday, November 22, 2021 01:20PM / NGX/ Header Image Credit: Flour Mills of Nigeria Plc

Flour Millsof Nigeria Plc. ("FMN") announced that it has reached an agreement withHoneywell Group Limited ("HGL"), the majority shareholder of Honeywell FlourMills Plc. ("HFMP"), to acquire a 71.69% majority shareholding interest inHFMP. In addition, FMN also entered into an agreement with First Bank of NigeriaLimited ("FirstBank") to acquire the Bank's 5.06% equity in HFMP. Consequently,upon completion of the acquisition, and subject to obtaining all requisiteregulatory approvals, FMN is set to hold a circa 76.75% equity interest inHFMP.

Given FMN's parallelnegotiations for both stakes culminating in the agreements being signed on thesame date, the basis for arriving at key commercial terms including finalequity price per share, will be the same. The price payable to FirstBank willbe the same with HGL's.

Further details will becommunicated to the market upon obtaining relevant regulatory approvals fromthe regulators.

Shareholders and potentialinvestors are advised to exercise caution when dealing in FMN's shares until afurther announcement is made.

Commenting on thetransaction, Omoboyede Olusanya, Group Managing Director of FMN, said: "Theproposed transaction is part of our global growth strategy, which is alignedwith our vision to not only be an industry leader, but also, a nationalchampion for Nigeria in the Food and Agro-allied industries

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