Honeywell Group Increases Investment In FBN Holdings To 14.8% Stake

Honeywell Group has acquired 4.770 billion shares of FBN Holdings Plc on the floor of the Nigerian Exchange Limited.

Through negotiated deals and market transactions by its SPV, Barbican Capital Limited, the investment company is said to have acquired 4.770 billion additional shares, leading to a staggering 14.8 per cent stake in FBN Holdings.

Stock market dealers confirmed that over 4 billion ordinary shares ranging between N17 and N20 were purchased over the course of two days, July 6 and July 7, 2023.

According to a press release by Honeywell Group, acquisition of 4.770 billion shares of FBN by its affiliate company, Barbican Capital Limited. This purchase is in addition to previously disclosed interests by HGL’s affiliates.

Also, FBNH’s company secretary, Adewal Arogundade notified the NGX of the developments, saying that “based on the foregoing, the equity stake of Barbican Capital Limited in the Company is 13.3 per cent, bringing the total stake to 14.8 per cent.”

Honeywell Group is an investment holding company with a deep history of building, scaling, and investing in some of Nigeria’s most successful businesses.

For over five decades, the company has invested in critical sectors of the economy foods, manufacturing, telecommunications, real estate, infrastructure, energy and financial services and has built a solid track record of successfully enabling the growth of thriving, world-class companies in their respective sectors.