FBN Holdings to Seek Approval to Raise N350bn, Pay Dividend

FBN Holdings to Seek Approval to Raise N350bn, Pay Dividend

FBN Holdings Plc has announced a decision to hold its annual meeting with shareholders in August, where the board of directors plans to obtain approval to raise up to N350 billion and pay dividends.

In a regulatory filing, the financial services group told the Nigerian Exchange and the public that its 12th annual general meeting will be held virtually on Thursday, August 22, 2024.

At the meeting, the shareholders will received the group audited financial statement for 2023 and fix directors, chairman remuneration as proposed by the board of directors.

According to the regulatory filing, the meeting would consider a proposal to set the directors’ fees for the financial year ending December 31, 2024, and for succeeding years at N50 million each. Also, the group would seek approval to pay FBN board chairman N63.7 million in annual fees.

At the meeting, FBN Holdings would seek shareholders’ approval to undertake a capital raise of up to N350 billion. The group hint that the capital raise transaction shall be implemented by one or more transactions.

Details showed that the group will consider issuance of shares, by way of a public offering, private placement, rights issue in the Nigerian or international capital markets, at price(s) to be determined by way of a book building process or any other valuation method or combination of methods

The capital raising plan is noted to be subject to obtaining the approvals of the relevant regulatory authorities.

FBN Holdings said if the proposed dividend recommended by the Directors is approved by members at the annual general meeting, the dividend will be payable on Friday, August 23, 2024.

It added that dividends will be paid to members whose names appear in the Register of Members at the close of business on Tuesday, August 13, 2024. #FBN Holdings to Seek Approval to Raise N350bn, Pay Dividend Exchange Rate Improves as CBN Buys Naira with $39m