First Bank of Nigeria (FBN) Holdings Plc has stated that its shareholders had approved the plan to change the company’s name to First Holdco Plc.
In a notice issued at the weekend, the company’s Secretary, Adewale Arogundade, said the decision was approved by shareholders at its 12th Annual General Meeting (AGM) held virtually on Thursday.
According to the company, the change will be extended to all subsidiaries.
“That there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco, respectively,” FBN Holdings said.
“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc
“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives o
“That upon completion of the processes for the change of name, increase of the company’s share capital, and allotment of the new ordinary shares, following the resolutions above, the Memorandum and Articles of Association of the company be amended as necessary to reflect the company’s new legal name and Issued share capital.”
FBN Holdings also announced that the shareholders approved the sale of shares to private investors and existing shareholders to raise N350 billion.
“The company be and is hereby authorised to undertake a capital raise of up to ₩350,000,000,000.00 (three hundred and fifty billion naira),” FBN Holdings said.
“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.”
FBN Holdings said the price will 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.”
The financial institution said the capital raise would be subject to approvals of the relevant regulatory authorities.
FBNH Holdings said the share capital of the company will be increased by the exact number of ordinary shares “which would be required upon determination of the terms of the capital raise and the directors are authorised to pass resolutions for such increase, as well as to allow the new ordinary shares required in connection with the capital raise”.
“That the directors be and are hereby authorised to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the foregoing resolution on the Official List of the Nigerian Exchange Limited and/or on any other securities exchange(s) or market(s),” the company said.
In April, the company had said it would sell shares to private investors and existing shareholders to raise N300 billion.
On November 1, FBN Holdings announced plans to raise about N150 billion through a rights issue programme.
Kayode Tokede
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