Flour Mills of Nigeria Plc (’FMN”) has assured its stakeholders that the recent announcement by the Group to assume majority shareholder status of Honeywell Flour Mills Plc (HFMP) on Monday 22 of November was made after carrying out necessary due diligence and obtaining appropriate legal guidance.
Consequently, FMN confirms that the agreement is not in breach of any subsisting Order of Court in matters relating to any third party.
FMN said the assurance became necessary in view of the publication captioned “Ecobonk warns against the acquisition of Honeywell Flour which alleges the company is facing winding-up proceedings”.
FMN urged Stakeholders to maintain their trust in FMN’s management, whose actions are guided by global best practices, “as we work diligently to maintain the Group’s sterling reputation as one of Nigeria’s leading and oldest agro-allied companies.”
FMN in a Statement had 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 NGN80 billion. It is expected that this combination will create a more resilient national champion in the Nigerian food industry, ensuring long-term job creation and preservation.