By PETER EGWUATU

Shareholders of Honeywell Flour Mills Plc have endorsed a special approval to a resolution seeking the restructuring of the company by which Honeywell Superfine Foods Limited (HSFL) a wholly owned subsidiary of it will be converted into a division of Honeywell Flour Mills Plc.

At a court-ordered Extraordinary General Meeting (EGM) of Honeywell Flour Mills Plc  held recently in Lagos, the Company’s Board of Directors sought and obtained shareholders’ consent.

Giving the  rationale for the decision, the Chairman of Honeywell Flour Mills Plc., Dr. Oba Otudeko, CFR, informed shareholders that even though both companies have hitherto enjoyed certain synergies as a result of their forward/vertical alignment, there was still considerable scope for the derivation of other benefits with further integration.

Dr. Oba Otudeko stated that “To further enhance shareholder value, an internal restructuring of the Honeywell Flour Mills Plc Group is required to optimise operational efficiencies, reduce costs and extract more synergies from HSFL and its parent company, HFMP.