Honeywell Group Purchases Additional Stake In FBN Holdings Plc

Honeywell Group (HGL), a Nigerian investment company, has notified FBN Holdings Plc of the purchase of additional 4,770,269,843 shares, increasing its stake in one of the oldest banks in the country. 

This notification was made on July 7, 2023.

With the company’s acquisition of 13.3%, it brings the investment company’s total stake to 14.8%.

A notification has been made to the Nigerian Exchange Limited as quoted companies are to notify the exchange and investing public of significant purchases.

This makes the investment company a significant shareholder – with the largest number of shares in the company.

In a letter dated July 7, 2023, Honeywell Group informed the bank that it had acquired the shares through its SPV, Barbican Capital Limited.

The letter stated that “Honeywell Group Limited (HGL) has notified FBN Holdings Plc (FBN) and regulatory authorities of the acquisition of 4,770,269,843 shares of FBN by its affiliate company, Barbican Capital Limited. This purchase is in addition to previously disclosed interests by HGL’s affiliates.”

In a statement on its website, the company stated “HGL holds its investments for the long term, working closely with all stakeholders to foster the creation of enhanced value for all. The investment is consistent with HGL’s mission to create, build and invest in great businesses that deliver enduring value and improve lives.”

Founded in 1972 Honeywell Group has been a shareholder in First Bank for over 30 years.