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FBN Holdings Proposes N350bn Capital Raise
FBN Holdings capital raise: FBN Holdings, a financial holding company, will seek shareholder approval for a new capital raise of N350 billion at its upcoming annual general meeting.
The firm is also considering a change of its legal and brand name to FirstHoldco Plc, according to a notice of the AGM from the Holdco, which was filed with the Nigerian Exchange Limited on Friday.
FBN Holdings Capital Raise
The updated proposal seeks to issue 5,982,548,799 ordinary shares of 50 kobo each at N25 per share, replacing the previous offer of 8,973,823,198 ordinary shares at N15.50 per share.
The new Rights Issue is structured based on 1 new ordinary share for every 6 ordinary shares held, with a qualification date of October 18, 2024.
Also Read: First Bank Holdings Set to Raise ₦300bn Capital in Line with CBN’s Banking Reforms
The Proposal Likely To Be Led By The New GMD
According to the notice, the FBN Holdings capital raise transaction “shall be implemented by one or more transactions through the issuance of shares, by way of a public offering, private placement, and rights issue in the Nigerian or international capital market.”
The company’s AGM will also see the approval of its rebranding proposal which involves changing the legal and brand name to First Holdco Plc.
This is part of the restructuring and modernisation of the bank’s corporate structure as it seeks to shore up capital which is the target of the proposed rights issue.
Meanwhile, FBN Holdings Plc has announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.
The appointment is subject to the approval of the Central Bank of Nigeria (CBN) and ratification by shareholders at the next annual general meeting.
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