Honeywell restructures, settles for CP Program to offset debt profile

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Honeywell restructures, settles for CP Program to offset debt profile

The Board of Directors, Honeywell Flour Mills Plc has concluded plans to approach FMDQ Securities Exchange to initiate a Commercial Paper and Medium-Term Note Programme.

The company notified The Nigeria Exchange (Limited and investing public, Thursday that the plan was for the purpose of refinancing and restructuring the Company’s debt profile.

Through a statement by Yewande Giwa, the Company  Secretary, Honeywell Flour Mills Plc reached the agreement at an extraordinary ge  meeting of the Board of Directors of the Company which held on the 16th of March.

Honeywell Flour Mills Plc (the Company) wishes to notify The Nigerian Stock Exchange and the investing public that at the extraordinary meeting of the Board of Directors of the Company which held on the 16th of March 2021, the Board approved the initiation of a Commercial Paper Program and a Medium-Term Note Program for the purpose of refinancing/ restructuring the Company’s debt profile”, the company stated.

At the close of trading on The Nigerian Stock Exchange (NSE), Thursday, the share price of Honeywell dropped to N1.18 from the opening value of N1.25 per share, its market capitalization was N9.36billion.

Honeywell Flour Mills Plc, a flour milling company, manufactures and markets wheat-based products in Nigeria, offers its products under the Honeywell brand. The food products company is listed under the Consumer Goods sector of The NSE.

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