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Ecobank threat causes Honeywell investors to lose N3.17bn

Ecobank threat causes Honeywell investors to lose N3.17bn

Honeywell Flour Mills Plc (HFMP) investors have lost N3.17 billion as Ecobank Nigeria scared the capital market away from the consumer foods manufacturer amid acquisition from Flour Mills of Nigeria (FMN).

According to RIPPLES NIGERIA, reports that Ecobank in a letter had warned the capital market about investing in Honeywell stock. Information Guide Nigeria

Ecobank stated that it had a lawsuit against the firm, which might lead to the winding up of Honeywell’s assets. Recall that both Honeywell and Ecobank have been in a legal battle over an unpaid debt of N5.5 billion.

According to a majority stakeholder in Honeywell, Oba Otudeko the debt is owed by Anchorage Leisures Limited, Siloam Limited, and Honeywell Flour Mills Plc.

He told the Appeal Court that as of December 12, 2013, his firms had paid N3.5 billion, which the billionaire stated was the full and final payment for the N5.5 billion debt, which both parties agreed on during a meeting on July 22, 2013.

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RIPPLES NIGERIA reports that Ecobank had lost two cases at the Federal High Court and the Court of Appeal but filed an appeal with appeal no: SC/700/2019, to challenge the decisions of the lower court at the Supreme Court.

Due to the warning against purchasing or holding shares of Honeywell, the manufacturer’s stock value tanked to N3.69kobo per share from N4.09 as fear gripped the market which has been swaying positively towards HFMP.

According to RIPPLES NIGERIA, investors holding stocks of the flour firm lost N3.17 billion as share dump pulled down the value by 9.77 percent between Tuesday and Wednesday trading sessions, days after Ripples Nigeria reported Honeywell Flour shareholders gained N2.61 billion from the acquisition announcement.

Ripples Nigeria analysis showed that the 9.77 percent decline caused total shareholder investment to drop to N29.26 billion on Wednesday, from N32.43 billion on Tuesday, as excitement on the stock faded amid Ecobank threat to seize business assets of Honeywell. Jamb Result 

Wednesday’s loss wiped the N2.61 billion gain Honeywell investors had amassed in the capital markets three days ago.

(RIPPLES NIGERIA)

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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