The Board of Flour Mills of Nigeria Plc (NGX: FLOURMILL) and that of Honeywell Flour Mills Plc (NGX: HONYFLOUR) met in Lagos on Wednesday, 16th August 2023 to consider among other things the respective Audited Accounts for the year ended 31st March 2023.
They Board at the meeting also considered the Unaudited Management Accounts of the companies for the 1st Quarter ended 30th June 2023.
Flour Mills of Nigeria Plc had in April 2022 completed the acquisition 71.68% stake in Honeywell Flour Mills Plc, effectively making Honeywell Flour Mills Plc a subsidiary of Flour Mills of Nigeria Plc.
At the meeting, the Board meeting passed separate resolutions approving the year-end account and the quarter 1 account subject, however, to management resolving some questions raised by the Board on the separate account.
The Board further resolved that the accounts should be deemed to have been approved on the date the issues are resolved and the separate accounts filed with the Nigerian Exchange Limited (the Exchange).
The closed period of the companies that commenced on 1st April 2023 will continue until the Accounts have been released to the Nigerian Exchange and to the public, according to statements released by both companies.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur