Honeywell Group Limited has said the acquisition of the single largest individual equity stake in FBN Holdings Plc by its affiliated company, Barbican Capital, was to further enhance value for all stakeholders in the first-generation banking group.
In a letter to the Chairman of FBN Holdings, Managing Director, Honeywell Group Limited, Mr Obafemi Otudeko said the group was 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,” Otudeko said.
In a notice to the NGX meanwhile, FBN confirmed that Honeywell Group’s affiliate, Barbican Capital Limited had acquired an aggregate of 4.77 billion shares in FBN Holdings, representing 13.3 per cent.
Barbican is a related entry to Honeywell Group which was founded by Oba Otudeko in 1972 and has been a catalyst for various Nigerian businesses over the course of five decades.
Otudeko also reiterated Honeywell Group’s “intention to work with all stakeholders to create value for all shareholders”.
He added: “We enjoy long-standing personal relationships with the company’s other key shareholders, and we look forward to leveraging these relationships as we collectively work towards enhancing the value of FBN Holdings Plc.”
Sources say a meeting is expected between the Barbican and Honeywell team and the First Bank board this week although no date has been confirmed.
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