Following media reports on the move by Flour Mills Nigeria Plc to acquire 71.69 per cent stake in Honeywell Flour Mills Plc, Ecobank Nigeria Limited has issued a 7-day ultimatum to Flour Mills to desist from consummating the agreement on the ground that the company was hugely indebted to the bank.
Aggrieved with the decision of the trial Court, Ecobank revealed that it had filed an appeal, with appeal No: CA/L/1041/2016) at the Court of Appeal, Lagos Division, adding that upon review of its case, the appellate court had found merit in the appeal, and held that the winding up proceedings against Honeywell Group Limited was properly commenced and that the Federal High Court had jurisdiction to hear the said petition.
Ecobank added that the provisions of Section 577 of the Companies and Allied Matters Act 2020 “CAMA” stated that “Where a company is being wound up by the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the company after the commencement of the winding up is void”
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Flour Mills acquires Honeywell Flour in N80bn dealFlour Mills of Nigeria (FMN) and Honeywell Group Limited (HGL) have announced an agreement to which flour mills will acquire Honeywell Flour Mills PLC (HFMP), for ₦80 billion.
Source: Daily Trust - 🏆 13. / 51 Read more »
BREAKING: Flour Mills acquires 76.8 per cent stake in Otudeko’s Honeywell FlourFlour Mills in a separate pact with FBN Holdings Group will acquire the financial services group’s stake of 5.06 per cent in Honeywell.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Huge debt: Ecobank warns Prospective buyers of Honeywell FlourEcobank Nigeria Limited has placed a Caveat over the move by Flour Mills Nigeria PLC to acquire 71.69 percent of Honeywell Group Limited. In a statement
Source: Daily Trust - 🏆 13. / 51 Read more »
Flour Mills to buy First Bank’s stake in Honeywell - Punch NewspapersThe most widely read newspaper in Nigeria I build websites. Courier shipping websites, Bitcoin websites, business websites and mostly all kinds of websites. PAYMENT AFTER JOB IS DONE. you can also ask for samples of my job. WhatsApp or calls +2348107436044.
Source: MobilePunch - 🏆 8. / 63 Read more »
Flour Mills, Honeywell Combine Operations In N80bn Shares Transfer DealFlour Mills of Nigeria (FMN) Plc and Honeywell Group Limited have signed an agreement for the proposed combination of the two companies to create a strong Flour Mills of Nigeria (FMN) Plc and Honeywell Group Limited have signed an agreement for the proposed combination of the two companies to create a strong company to further enhance food security in the country.
Source: LeadershipNGA - 🏆 4. / 77 Read more »
Flour Mills to acquire First Bank’s equity in Honeywell | The Guardian Nigeria News - Nigeria and World NewsFollowing the agreement between Flour Mills of Nigeria Plc (FMN) and Honeywell Group Limited, the majority shareholder of Honeywell Flour Mills Plc (HFMP) to acquire a 71.69% majority shareholding interest in the latter, FMN has sealed a deal with First Bank of Nigeria Limited to acquire the Bank’s 5.06% equity in HFMP. Consequently, upon completion […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »