FBN Holdings Plc, a leading financial services institution, has announced its intention to raise fresh capital through a rights issue, pending the approval of shareholders at the 11th Annual General Meeting scheduled for next month.
This strategic move is aimed at fortifying the company’s financial position and enhancing its ability to meet the evolving needs of its esteemed customers.
According to the notice issued to shareholders, FBN Holdings intends to create 8.974 billion Ordinary shares at 50 kobo each to facilitate the capital raise.
The proposal seeks to increase the company’s issued share capital from NGN 17.95bn, represented by 35,895,292,792 ordinary shares of 50 Kobo each, to NGN 22.35bn by creating 8.973,823,198 ordinary shares of 50 Kobo each.
“The capital raise transaction shall be by way of a rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities,” the notice stated.
This move comes as part of FBN Holdings’ commitment to strengthening its market position and maintaining its track record of delivering exceptional value to shareholders and stakeholders.
In addition to the capital raise announcement, FBN Holdings is pleased to welcome Mr. Femi Otedola as a new non-executive director to its esteemed board. Mr. Otedola’s appointment was officially made on July 9, 2023, pending the approval of shareholders at the upcoming Annual General Meeting.
His extensive experience and vast knowledge in the financial and investment sectors are expected to be instrumental in driving the company’s growth and strategic vision.
As of Monday, the shares of FBN Holdings closed trading at N19.85 on the Nigerian Exchange Limited, reflecting the market’s confidence in the company’s performance and potential.
FBN Holdings Plc remains committed to upholding the highest standards of corporate governance, financial transparency, and customer-centric service.
The company looks forward to the continued support of its valued shareholders as it embarks on this significant growth phase
