Billionaire Oba Otudeko’s Honeywell Group has acquired a 14 percent shareholding in First Bank Holdings Plc, becoming the bank’s highest shareholder.
In a statement on Friday, the company said it acquired 4,770,269,843 shares of FBN Holdings Plc in a cross deal worth N87.8 billion .
These shares bought at N19 per unit are the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data.
“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.
“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,” the company said.