Honeywell Group last Thursday bought 4,770,269,843 FBN Holdings shares in a cross deal worth N87.8 billion. These shares which Otudeko bought at N19 per unit were the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data. The acquisitions take his shareholding to 14 percent of the bank’s outstanding market value.
Honeywell had last week disclosed the transaction to the Company Secretary, FBN Holdings Plc in a letter dated July 7, 2023.
However, in another letter yesterday, the company stated: “Further to our letter dated 7th July 2023, addressed to the company secretary, wherein we notified you of the investment in FBN Holdings Plc by our affiliate company Barbican Capital Limited, I would like to take this opportunity to formally (re)introduce our company, our senior management team, and our long-term strategic investment objectives.
“Honeywell Group Limited (HGL) is a dedicated long-term investor committed to investing in great businesses with immense growth potential. Our approach involves working closely with stakeholders with a shared vision to foster the creation and enhancement of value for all. We understand that this requires time and patience. Our intention is to follow this approach in respect of our investment in FBN Holdings, an iconic institution which we greatly respect and with which we have a deep and long-term relationship, as customers, investors, and board members.
