FBN Holdings Records Huge Off-Market Shares Transactions
FBN Holdings Plc’s price was flattish week on week amidst significant off-market transactions conducted by shareholders during the trading sessions, an investment firm said in a note.
According to information from the local bourse, the banking group share price, however, traded steady at N26.3 in the equities segment of the Nigerian Exchange (NGX).
Over the period, FBNH price fluctuated throughout, reflecting both perception and investor mood amidst rights issues that are offered to shareholders. During the last five trading sessions, the banking group market price fluctuated sideways before it berthed at a no gain, no loss position.
Hence, the market value of FBN Holdings Plc settled at N944 billion, spread over its 35.895 billion shares outstanding on NGX.
Huge volumes of FBNH shares were traded on the local bourse in the last seven trading sessions. The group is in the middle of an issue relating to shareholdings with Barbican Capital Limited, a company associated with Oba Otudeko –its erstwhile chairman.
Barbican Capital Limited had in the year sued FBN over shareholding data. In the suit no. FHC/L/CS/ 1172/24, filed on its behalf by Bode Olanipekun, SAN, Barbican Capital claimed that over the years and at different times, it cumulatively acquired about 5,386,397,202 shares, representing 15.1% of FBNH’s overall share listed in the equities market.
In the course of the week, the financial services group experienced significant off-market trades- a transaction that is not settled through an exchange or clearing house – of 756.7 million units at N24.00, according to one of the top investent firm in Nigeria..
Analysts said off-market trades are often settled directly between the buyer and seller. Naira Plunges on Suboptimal FX Intervention
