FBNH Rises by 10.6% as Market Awaits Shareholders Meeting Notice
FBN Holdings Plc (Ticker: FBNH) share gained moderate popularity in the equities market among buy side investors who raised their positions on the financial services group.
Analysts said it is more appropriate to say FBN Holdings traded on recovery as price returned to N22.50 on Friday, up by 10.56% week on week, from N20.35 at the beginning of the week.
The banking group is trading at significant discount below it 52-week in the equities market. While this has created fresh entry points, demand has remained subdued as the group locked horn in court with its erstwhile chairman, Oba Otudeko Barbican Capital Limited, over shareholding related issue.
Meanwhile, the oldest listed banking group has recently announced a decision to postpone annual general meeting with its shareholders amidst efforts to resolve various issues facing the group.
Analysts said FBN Holdings Plc requires strong price movement to reduce numbers of shares issuance in pipeline for about N350 billion capital raising plan.
The market price remains major mechanism for determining offer price for rights issue, private placement or public offer, analysts told MarketForces Africa.
FBNH share price had peaked N43.95 on the Nigerian Exchange in 2024 before it retreated as investors started taking short position in the financial services group.
On August 26, the group told the Nigerian Exchange that the annual general meetings of the members of FBN Holdings Plc that was fixed to take place on August 22, and then rescheduled to September 3, 2024 has been cancelled.
MarketForces Africa reported that a new annual general meeting date for financial year 2023 has not been fixed in the last lap of the third quarter in the year. #FBNH Rises by 10.6% as Market Awaits Shareholders Meeting Notice
