THE shareholders of FBN Holdings have approve d that the financial Group can raise N350 billion in additional capital and also change its legal and brand names.
The approval was given at the virtual Annual General Meeting (AGM) of the group held recently and the resolutions made at the AGM have been filed with the Nigerian Exchange Limited.
Shareholders also approved a dividend of 40 kobo per 50 kobo ordinary shares, totaling N14.36 billion to be disbursed to registered shareholders.
Part of the notice read “that the company is hereby authorised to undertake a capital raise of up to N350 billion. The capital raise transaction shall be implemented by one or more transactions through the issuance of shares by way of a public offering, private placement, rights issue in the Nigerian or international capital markets at a price or prices to be determined by way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the Board of Directors, subject to obtaining the approvals of the relevant regulatory authorities.”
FBN Holdings is in the middle of a rights issue to raise N150 billion to shore up its capital base, a move that the company said preceded the announcement of the Central Bank of Nigeria that banks operating in the country should increase their capital base.
On the name change, the shareholders approved, “that there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively. “That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc.”
