By Guardian Nigeria
25 November 2021 | 7:42 am
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), was made after carrying out necessary due diligence and obtaining appropriate legal guidance. FMN said the agreement was not in breach of any subsisting order of court…
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), was made after carrying out necessary due diligence and obtaining appropriate legal guidance.
FMN said the agreement was not in breach of any subsisting order of court in matters relating to any third party.
The firm gave the assurance in view of the publication captioned “Ecobank Warns against Acquisition of Honeywell FlourMills, Alleges Company Facing Winding Up Proceedings”.
“Stakeholders are therefore urged 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”, the firm said in a statement.
FMN 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 of80 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.
Greater benefits expected from the combination include enhanced efforts in attaining National food security objectives and leveraging opportunities stemming from the African Continental Free Trade Area (AfCFTA).
Latest 23 mins ago
A Danish naval patrol killed four pirates in an exchange of fire in the Gulf of Guinea off the coast of Nigeria, Denmark’s armed forces said on Thursday. “No Danish soldiers were injured, but five pirates were shot,” the military said. “Four of the pirates died. One was injured,” it added. The incident occurred on…
39 mins ago
Kanye West has revealed that he plans to “restore” his family with estranged wife Kim Kardashian despite rumors of her dating SNL comedian Pete Davidson. Ye shared his plans for a possible reconciliation during his visit to the L.A. Mission on Wednesday where he delivered a speech on the importance of being with loved ones.…
1 hour ago
World famous urban dance duo, Laurent, and Larry Bourgeois, professionally known as Les Twins were in Lagos, Nigeria from November 11th – 13th as part of their global “Move Out Loud” campaign in collaboration with Hennessy V.S. The Twins enjoyed a vibrant two-day stay, engaging in various activities. Both cultural beacons, Hennessy V.S and Les…
2 hours ago
The international Red Cross said Thursday that Swiss diplomat and international worker Mirjana Spoljaric Egger would be its next president, and the first woman to lead the organisation. The current assistant Secretary-General at the United Nations Development Programme (UNDP) will replace Peter Maurer as president of the International Committee of the Red Cross when he…
2 hours ago
Sweden’s Prime Minister-elect Magdalena Andersson on Wednesday handed in her resignation hours after being appointed by parliament, after her budget failed to pass and the junior Green Party quit the coalition government. While her stint was unexpectedly brief, Andersson made history by becoming the first woman elected to the post of prime minister in Sweden…
Comments