Flour Mills of Nigeria Plc is set to acquire 71.69 per cent of Honeywell Flour Mills Plc for N80billion.
Disclosing this in a press statement, on Monday, Honeywell Group Limited said it had agreed to sell 71.69 per cent of Honeywell Flour Mills Plc to Flour Mills of Nigeria, one of its major competitors.
With this development, Flour Mills will have the highest flour milling capacity in Nigeria and one of the highest in Africa.
However, regulatory authorities have to approve the transaction before it could be sealed.
Honeywell Group, the parent company of Honeywell Flour Mills Plc, said in the statement that “At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69 per cent…
Source: Nigerian Tribune