FBN Holdings Hits N1trn ahead of Decision on Capital Raise
FBN Holdings PLC (Ticker: FBNH) has re-entered the category of listed stocks worth more than N1 trillion on the Nigerian Exchange (NGX) as notice of shareholders meeting boosted investors’ confidence.
After successive positive movements, FBNH reached N28.8 per share on the Nigerian Exchange from N26 at the beginning of the week. The stock market price is expected to impact the group capital raise exercise.
FBN Holdings has fallen significantly below its 12-month high of N43.95, or the best price the financial services company had attracted in the equities market in the period. Analysts said the number of shares the group would issue depends strongly on the stock market price of its shares at the time when the capital raise plan is approved.
At the current price, the equities market now values FBN Holdings’ 35.895 billion shares outstanding at N1.033 trillion, though the ticker is still trading below the N52-week high. The financial services group has been doing some internal cleansing, first with the appointment of a new group managing director and the announcement of a new date for the annual general meeting.
The moves boosted investors’ confidence as FBNH plans to declare dividend at the shareholders meeting in addition to getting approval to raise about N350 billion in new capital.
At the scheduled annual general meeting, the financial services group will also propose a change of legal and brand name from FBN Holdings Plc and FBNHoldings to Firs tHoldco Plc and FirstHoldco. #FBN Holdings Hits N1trn ahead of Decision on Capital Raise Naira Drops Market Wide, Exchange Rates Gap Now N102
