Shareholders approve FBN Holdings N350bn capital raise

The shareholders of FBN Holdings have approved that the financial group can raise N350bn in additional capital and also change its legal name and brand name.The approval was given at the virtual Annual General Meeting of the group recently and the resolutions made at the AGM were filed with the Nigerian Exchange Limited on Friday. Shareholders also approved a dividend of 40 kobo per 50 kobo ordinary shares, totalling N14.36bn for the 2023 financial year to be distributed to registered shareholders. Part of the notice read, “That the company be and is hereby authorised to undertake a capital raise of up to N350bn. 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(s) 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.”