FCMB Climbs As Investors React to Capital Raise Plan
FCMB Plc’s market value climbed as investors reacted positively to equity capital raise plan by the group. The market value of the financial services group’s 39.605 billion shares outstanding increased to N435.659 billion, tracking below 52-week high by about 15%.
Its share price closed at N11 on Friday as 135.960 million units valued at N1.461 billion were traded, according to data from the Nigerian Exchange.
FCMB opened the week at N10.95 but traded negative until Friday, when investors reacted to new information that has the possibility of enhancing the group’s earnings capability.
FCMB Group told the Nigerian Exchange about a fresh plan to raise equity capital sequel to approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024.
The banking group revealed its plan to launch an offer for subscription, which is being undertaken in furtherance of the company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans.
According to the notice, the proceeds of the offer will be remitted as equity into First City Monument Bank Limited.
The group added that the Board is keen to commence the offer based on a live market price while ensuring that the offer price reflects an appropriate discount.
FCMB plans to release details of the offer upon the receipt of the Securities and Exchange Commission’s approval. # FCMB Climbs As Investors React to Equity Capital Notice. #FCMB Climbs As Investors React to Capital Raise Plan#
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