Acquisition of 71.69% equity in Honeywell Flour Mills not in breach – Flour Mill

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Flour Mills Nigeria , FMN Plc has assured its stakeholders that the acquisition of majority equity interest in Honeywell Flour Mills ,HFM Plc was not in breach of any subsisting order of court as claimed by the Ecobank Nigeria.

Flour Mills of Nigeria stated this Wednesday in a statement sent to the Nigerian Exchange Limited, NGX saying “Four Mills wants to assure its stakeholders that the recent announcement by the Group to assume majority shareholders status of Honeywell Flour Mills Plc on Monday 22nd of November, 2021, was made after carrying out necessary due diligence and obtaining appropriate legal guidance”

Consequently, the statement adds: “Flour Mills confirms that this agreement is not in breach of any subsisting Order of Court in matters relating to any third party. This further assurance has become necessary in view of the publication captioned “Ecobank warns against Acquisition of Honeywell Flour Mills, Alleges Company Facing Winding Up Proceedings”.

Flour Mills has therefore urged its stakeholders to maintain their trust in the Company’s management, whose actions were guided by global best practices as they work diligently to maintain the Group’s sterling reputation as one of the Nigeria’s leading and oldest agro allied companies.

FMN in a statement has earlier disclosed that it had reached an agreement for the proposed combination of FMN through its affiliates and HFMP, for a total enterprise value of N80 billion. It is expected that this combination will create a more resilient national champion in the Nigerian food industry, and ensuring long term job creation .

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