FCMB Public Offer Records 34.3% Over Subscription
Diversified financial services group, FCMB Plc, has announced a decision to allot 19.802 billion ordinary shares of N0.50 each to its news shareholders following a public offer that was oversubscribed by 34.3%.
In the results of the public offer launched as part of an effort to recapitalise its banking subsidiary, FCMB Limited, the group hints that it received more than the numbers of shares it intends to issue.
Details from its regulatory filing revealed that 42,839 applications for 20,407,337,982 ordinary shares valued at N148,973,567,268.60 were received and processed.
The financial services group reported in a record that 42,826 applications for 20,402,782,982 ordinary shares valued at ₦148.940 billion were confirmed as being valid and processed.
Out of total subscription, 39 applications for 200,699,000 ordinary shares valued at ₦1.465 billion were rejected by the Central Bank after verification for failure to comply with terms of the offer.
The regulatory filing revealed that FCMB’s offer for subscription verification was completed on December 10, 2024, according to the regulatory filing posted on the Nigerian Exchange
All applications in the range of 1,000 to 750,000,000 ordinary shares were allotted in full, with 100% of the shares applied for, details revealed. Also, all applications in the range of 750,000,001 to over 3,000,000,000 ordinary shares were allotted 96.74% of the shares applied for.
FCMB stated that 19,802,710,781 ordinary shares—being the shares approved by the group’s shareholders on May 24, 2024—valued at ₦144,559,788,701.30 have been allotted to 42,800 subscribers following CBN capital verification.
Following the approval of the Securities & Exchange Commission, FCMB Group said it will allot a total of 19,802,710,781 ordinary shares of 50 kobo each. The group said returned monies will be remitted to affected subscribers not later than January 6, 2025. #FCMB Public Offer Records 34.3% Over Subscription Africa Prudential Hits 52-week High
