Honeywell Shares Hit N3.72 After Acquisition By Flour Mills

Honeywell Flour Mills Plc shares led the most performing stocks traded on the floor of the Nigerian Exchange Ltd as investors embraced the company’s stock amid the news of its acquisition by Flour Mills of Nigeria Plc.

Flour Mills emerged the new owner of Honeywell on Monday following an agreement with Honeywell Group Ltd and First Bank Holdings Group to buy the company for N80bn.

Flour Mills bought over  71.69 per cent shares in Honeywell Group, the majority shareholder of Honeywell.

First Bank Holdings also sold its 5.06 per cent shares in Honeywell Flour Mills Plc to Flour Mills of Nigeria Plc.

The new owner has a total of 76.75 per cent of the equity in Honeywell.

Checks by THE WHISTLER reveals that Honeywell shares rose by 9.73 per cent from the N3.39 traded between November 18 and November 19, 2021 to close at N3.72.

This is the second highest amount the company’s share has traded in the last 52 weeks when it sold for N4.29 per share.

The company traded 4,036,164 shares on Monday.

Honeywell are the makers of Honeywell Superfine Flour, Honeywell Wheat Meal, Honeywell Semolina, Honeywell Noodles, Honeywell Pasta, Honeywell Composite flour and Honeywell Brown Flour.