Flour Mills of Nigeria Plc has announced to Nigerian Exchange Limited that Flour Mills has obtained the approval of the Securities & Exchange Commission to launch a Mandatory Takeover Bid to the shareholders of Honeywell Flour Mills Plc; for 79,301,976 Ordinary Shares of 50kobo each in Honeywell Flour Mills – representing 1% of the issued shares of Honeywell Flour Mills.
The Mandatory Takeover Bid is being offered by Ecowise Horizon Investment Limited and Greywise Investment Solutions Limited on behalf of Flour Mills of Nigeria.
Ecowise and Greywise hold an aggregate of 6,086,381,574 Ordinary Shares, 76.75% of Honeywell Flour Mills Plc’s shareholding in Honeywell.