per cent stake in HFMP held by First Bank of Nigeria Limited after getting necessary approvals from regulators.
FMN and Honeywell Group had on November 22, 2021, announced the proposed transaction, which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian foods industry. Honeywell Group disposed of a 71.69 per cent stake in HFMP to FMN at an equity price of N4.20 per share.
“We are delighted that approvals have been received and we are all set to begin execution of this landmark transaction that would positively impact Nigeria’s food security architecture and overall competitiveness,” Group Managing Director, FMN, Boye Olusanya, said.
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