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Honeywell Flour Mills Plc


Dear Proshare Subscriber,

Honeywell Flour Mills Plc is conducting an Initial Public Offering (IPO) by way of Offer for Sale of  1,252,941,177 shares of 50kobo each and by way of Offer for Subscription of 941,176,471 shares of 50 kobo each at N8.50 per share. The offer opens on 3rd December 2008 and closes on 31st December 2008.
Research Approach

We have carried out the analysis of the company and the flour milling industry; noting other factors such as macroeconomic and market condition. We considered historical performance of the company as well as the company’s potential for growth. We used material public information and nonmaterial non-public information in arriving at our conclusion about the company.

Based on our analysis of the demand for the company’s products, industry characteristics, company’s position in the industry and the growth potential of the company, we place a BUY recommendation on the stock.
The report on Honeywell Flour Mills PLC can be found at our website. 

Best Regards,

BGL Research.
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