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ANNOUNCEMENT
FLOUR MILLS OF NIGERIA PLC RECEIVES APPROVAL FOR THE ACQUISITION OF MAJORITY STAKE IN HONEYWELL FLOUR MILLS PLC

…the transaction will create a strong National Champion for Nigeria’s Food Industry

Media Q&A

  • We have announced that Flour Mills of Nigeria Plc. (“FMN”) has obtained all requisite regulatory approvals to acquire a 71.69% stake in Honeywell Flour Mills Plc. (“HFMP”), formerly a portfolio company of Honeywell Group and a 5.06% stake in HFMP held by First Bank of Nigeria Limited (“FirstBank”) and can confirm the transaction has now been consummated by the parties.
  • The acquisition is expected to combine two businesses with shared goals in order to create a single entity that is better positioned to benefit the growing Nigerian population and leverage opportunities stemming from the AfCFTA.
  • We firmly believe that this is the right transaction at the right time. The transaction is expected to combine two businesses with shared goals and create a more resilient national champion for Nigeria in the foods industry, ensuring long-term job creation and food security.
  • Continued investment in the business by the acquisition of HFMP will enable FMN to be a crucial provider of the continent’s food needs.
  • The transaction is in line with FMN’s goal to be the leading food and agro-allied group in Africa as well as our 5-year strategic plan 2020-24.
  • Having acquired 71.69% in HFMP the company is now an integrated part of Flour Mills of Nigeria Plc (FMN)
  • HFMP will be maintained with its name and listing for the foreseeable future.
  • The acquisition creates a single more resilient National Champion for Nigeria, ensuring long term job preservation.
  • This is the right step for the business and in the best interests of employees, customers and shareholders as there are areas for growth which extend beyond Nigeria.
  • The acquisition will create additional opportunities across stakeholder groupings who would benefit from the more than [85] years combined track record of FMN and HFMP.
  • The country will benefit from FMN’s strategic plan focused on developing the agricultural value chain and backward integration of the food industry ultimately improving food security and increasing employment opportunities across Nigeria.
  • Synergy-related efficiencies are an important part of the rationale behind this acquisition. Creating a long-term, structural cost advantage will help secure the prospects for both current and future employees.
  • The acquisition would create a single more resilient national champion for Nigeria, ensuring long term job preservation and create additional opportunities across stakeholder groupings who would benefit from the more than [85] years combined track record of HFMP and FMN

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We are a critical part of Nigeria’s food industry, determined to grow using our resources, our passion for progress and our skill base. At our core is a desire to contribute to the development of human endeavor by empowering people to conquer hunger and reach for more.

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