Oba Otudeko set to sell-off Honeywell in N80bn deal

Oba Otudeko, chairman, Honeywell Flour Mills Plc (HFMP) plans to sell his indirect stake in the company to Flour Mills of Nigeria (FMN) as the latter moves to acquire the manufacturer from major shareholders.

Otudeko owns 74.56 percent stake in Honeywell through his investment firm, Siloam Global Services Limited, but he would be selling 71.69 percent to reduce his exposure in the flour market.

The stake is valued at N80 billion according to FMN, but when HFMP’s share is pegged to the current market price, it cost around N20.04 billion, which means a gain of N60 billion to Otudeko.