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Honeywell flour Mills opens N18.65 bn IPO Dec 03



Proshare NI

December 02, 2008 at 17:47 GMT



Honeywell Flour Mills Plc would tomorrow Wednesday December 03, 2008 open its planned Initial Public Offer (IPO).


As earlier reported, the Board of Directors (BOD) of the company last week in Lagos Nigeria at a Completion Board Meeting (CBM) signed all documents as regards the IPO.


To raise the N18.65 billion, Honeywell Flour Mills is offering to members of the Nigerian Investing Public by way of offer for sale of 1,252,941.177 Ordinary Shares and an offer for subscription of 941,176,471 Ordinary Shares of 50 kobo each at N8.50 per share respectively.


It was also affirmed that Honeywell is offering investors a minimum of 1,000 units of shares at N8.50 per share, and additional shares in multiples of 100 units.


However, as earlier reported, Oba Otudeko, Chairman of the Company had affirmed that proceeds of the IPO would be used to improve working capital of Honeywell Flour Mills.


Apart from the above, it would be used to expand the company’s semolina production capacity and to set up a pasta manufacturing plant for its subsidiary company HSFL.


“It will enable us to take advantage of emerging opportunities in the local markets for fast growth and profitability.” Otudeko affirmed.


FBN Capital Limited and BGL Limited are Co-Issuing House, while BankPHB, UBA Capital and Oceanic Capital are the Joint Issuing Houses.

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