The shareholders of FBN Holdings have agreed to let the company raise N350 billion in new capital.
They also approved changing the company’s legal and brand names.
This decision was made during the group’s virtual Annual General Meeting (AGM) held recently. The resolutions were officially filed with the Nigerian Exchange Limited on Friday.
As part of the meeting, shareholders approved a dividend payout of 40 kobo per share, amounting to N14.36 billion for the 2023 financial year.
The capital raise will be carried out through public offerings, private placements, or rights issues. The company will decide the terms, timing, and pricing based on regulatory approvals and market conditions.
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In addition, the shareholders agreed to change the company’s name from “FBN Holdings Plc” to “First Holdco Plc.” The change will also apply to its subsidiaries.
The board was authorized to take all necessary actions to implement the resolutions, including updating the company’s legal documents to reflect the changes.
FBN Holdings is already working on a N150 billion rights issue to strengthen its capital base. This follows the Central Bank of Nigeria’s directive for banks to increase their capital.
These developments mark a significant step in the company’s growth and alignment with regulatory requirements.
