Market | Stock & Analyst Updates

Honeywell Flour Mills Plc Receives Notification That Flour Mills of Nigeria Plc Will Launch a Mandatory Takeover Offer (MTO) to Honeywell Shareholders

Aug 02, 2022   •   by   •   Source: NGX   •   eye-icon 430 views

Honeywell Flour Mills Plc  has announced that Flour Mills of Nigeria Plc has notified the Company of a Mandatory Takeover Offer (“MTO”) that will be made to shareholders of Honeywell by Ecowise Horizon Investment Limited and Greywise Investment Solution Limited. 

The Mandatory Takeover Offer for 79,301,976 Ordinary Shares of 50 kobo each in the Company represents 1% of the total shareholding of Honeywell Flour Mills Pic.  

FMN has also received the Securities & Exchange Commission’s approval to launch the MTO. 

Ecowise Horizon Investment Limited and Greywise Investment Solution Limited own an aggregate of 6,086,381,572 Ordinary Shares of 50 kobo each, representing 76.75% of the total issued and paid-up Capital of Honeywell Flour Mills Plc.  

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.

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