FBNH Worth Rises Slightly Despite Femi Otedola Huge Bet
FBN Holdings Plc (Ticker: FBNH) worth on the Nigerian Exchange (NGX) increased slightly by 2.36% over the week to settle at N1.01 trillion after huge bets by its major shareholder.
According to trading data from the domestic bourse, the share price of FBNH increased to N28.15 on Friday, from N27.50 at the beginning of the previous week.
This suggests that as major shareholder increase bets on the banking group, others were exiting their positions. This nullified positive price surge and keep the group valuation tightened at N1 trillion benchmark.
Femi Otedola who is FBN Holdings Chairman ramped up 534,094,407 shares at the average market price of N30, according to a regulatory filing.
The share price actually declined on Friday after the market was notified about additional N16 billion investment in shares made by Otedola.
Details from insider dealing note submitted on the Nigerian Exchange revealed that Otedola mopped up more shares between Sept 23 and 25.
Recent decision to divest its merchant bank business raised investors’ confidence in the local bourse, with expectation that the sell down would boost the group earnings performance.
Then, its market value was rerated. The group has yet to hold its annual general meeting for financial year 2023 till moment after successive postponement of the event due to internal rancor. #FBNH Worth Rises Slightly Despite Femi Otedola Huge Bets Jaiz Bank Value Increases by 11.2% to N86 Billion
