Shareholders Push for Flour Mills, Honeywell Flour Merger at AGM

By Aduragbemi Omiyale

The boards of Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc have been charged to work out modalities for the merger of the two leading milling companies.

Recall that in April 2022, Flour Mills announced the completion of the acquisition of a 71.69 per cent stake in Honeywell Flour.

However, both organisations, which trade their share on the floor of the Nigerian Exchange (NGX) Limited, have continued to remain as separate entities.

On Monday, December 11, 2023, at the 14th Annual General Meeting (AGM) of Honeywell Flour in Lagos, shareholders emphasised the need for the two companies to form a formidable force as an entity to take charge of the sector.

However, they commended Honeywell Flour for its commitment thus far, seeking continued review of strategies to ensure long-term sustainability.

They expressed confidence in the company’s ability to develop internal agility that would sustain the business amid unprecedented changes within the business environment.

The shareholders also acknowledged the success of its Semolina brand and expressed optimism that this market success would eventually translate into positive dividend returns for the future.

The Chairman of Honeywell, Mr Boye Olusanya, while addressing the shareholders, assured them of the company’s drive to deliver value to both customers and, to them, the invaluable shareholders.

“The board is aware of the responsibility entrusted to us, and we are dedicated to implementing strategies that not only weather the current economic conditions but position Honeywell Flour for sustained success in the long term. As we move forward, we remain resolute in our commitment to transparency, innovation, and delivering value to our shareholders,” he said.

During his presentation of the audited financial statements for the year ended March 31, 2023, he promised that the organisation would continue to deploy viable strategic business decisions to drive business sustainability amid challenging economic conditions.

Mr Olusanya expressed the board’s gratitude for the continued support and confidence of the shareholders, stressing the company’s commitment to addressing their concerns and working towards sustainable growth.

Business Post reports that at the gathering, three members of the board retiring by rotation, Mr Olanrewaju Jaiyeola, Mr Anders Kristiansson, and Mr Sadiq Usman, were re-elected.