First Bank of Nigeria (FBN) Holdings Plc has announced that its shareholders have authorised the company’s name change to First Holdco Plc.
In a statement released on Friday, Adewale Arogundade, the company secretary, said that shareholders passed the resolution during Thursday’s 12th Annual General Meeting and that this change will also apply to all of its subsidiaries.
“Once the name change, capital increase, and issuance of new ordinary shares are finalised in alignment with the above resolutions, the company’s Memorandum and Articles of Association will be updated as required to reflect the new legal name and issued share capital.” He said.
FBN Holdings also disclosed that shareholders have approved the sale of shares to both private investors and current shareholders to generate N350 billion, adding that the price will be determined “through a book building process or any other valuation method, or a blend of methods, across various tranches, series, or proportions, and at specified times or dates, with coupon or interest rates, within designated maturity periods as well as any other conditions decided by the Board of Directors.”
The company stated that the share capital of the company will be increased by the exact number of ordinary shares “which will be necessary based on the determined terms of the capital raise, and the Directors are authorised to pass resolutions for such an increase, along with the necessary allotment of the new ordinary shares related to the capital raise.”
“The directors have also been granted the authority to take all required actions to obtain the listing and admission for trading of securities issued in connection with the previous resolution on the Official List of the Nigerian Exchange Limited and/or on any other securities exchange(s) or market(s),” the company stated.
In April, the company announced its intention to sell shares to private investors and existing shareholders to raise N300 billion.
On November 1, FBN Holdings revealed plans to raise approximately N150 billion through a rights issue program.
