FBN Holdings to raise additional capital

Bisola David
Bisola David
First Bank restates commitment to support FMCG wholesalers

FBN Holdings Plc, a provider of financial services, has announced that it will raise new capital if shareholders approve at the group’s annual general meeting, which is set for next month.

The Punch reported that this information was included in the group’s notice to shareholders of its 11th annual general meeting.

The announcement stated that FBN intended to raise money through a rights issue by issuing 8.974 billion Ordinary shares at a price of 50 kobo apiece.

On the Nigerian Exchange Limited, FBN Holdings shares ended trading on Monday at N19.85.

The notice stated that the company’s issued share capital would be expanded from NGN17.95 billion, which consisted of 35,895,292,792 ordinary shares of 50 Kobo each, to N22.35 billion by the issuance of 8.973,823,198 ordinary shares of 50 Kobo each.

“Subject to receiving the necessary regulatory authorities’ approvals, the capital raise transaction will be carried out via a rights issue, on the terms and at the times that the Directors may decide.”

As a non-executive director, a wealthy investor, Mr. Femi Otedola, has been appointed by the firm, subject to the approval of its shareholders at the next AGM. The appointment day for Otedola was July 9, 2023.

In addition, Samson Ariyibi, who was appointed as the group’s executive director of finance, investment, management, and oversight on October 21, 2022, will be presented to shareholders for approval of his position.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *