Honeywell Flour Appoints New Board, Management To Effect Flour Mills Takeover

Honeywell Flour Mills has appointed new board members and management teams to effect the takeover of its market rival, Flour Mills of Nigeria (FMN) through the latter’s subsidiaries. 

Both Ecowise Horizon Investment Limited and Greywise Investment Solutions Limited had acquired over 75% controlling stake in Honeywell Flour on behalf of Flour Mills of Nigeria.

In a statement submitted to the capital market authority, Nigerian Exchange Limited (NGX), Honeywell Flour said the new appointments and restructuring within the firm due to the takeover, had affected the company’s annual general meeting (AGM). 

This led to Honeywell Flour requesting for an extension from the Securities and Exchange Commission (SEC), and it was granted. The company will now hold its AGM on or before March 30, 2023. 

“Following the acquisition of over 75% equity in the Company by Ecowise Horizon Investment Limited and Greywise Investment Solutions Limited, subsidiaries of Flour Mills of Nigeria Plc, a new board has been appointed for the Company. 

“In addition, a new Management team has been appointed to champion the Management. The change of Management and rigors of handover process which is currently in top gear constrain us to make this request.” Honeywell said in the statement. 

The company added that, “Following the application, the Commission approved an extension for HFMP to hold Company’s AGM on or before 30th March 2023.”

Fakoyejo Olalekan

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