First Bank of Nigeria (FBN) Holdings Plc has announced that its shareholders have approved the company’s decision to rebrand and change its name to First Holdco Plc.
The company’s secretary, Adewale Arogundade on Friday, November 15, confirmed that the resolution was passed at the 12th Annual General Meeting (AGM) held virtually on Thursday, November 14.
The company also stated that the name change will be applied to all of its subsidiaries.
“That there should be a change of the legal and brand names of the Company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively,” FBN Holdings said.
“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc.
“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives of any regulatory authority.
“That upon completion of the processes for the change of name, Increase of the Company’s share capital and allotment of the new ordinary shares in accordance with the resolutions above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the Company’s new legal name and Issued share capital.”
FBN Holdings also revealed that shareholders have approved the sale of shares to private investors and existing stakeholders, aimed at raising N350 billion.
“The Company be and is hereby authorised to undertake a capital raise of up to ₩350,000,000,000.00 (Three Hundred and Fifty Billion Naira),” FBN Holdings said.
“The capital raise transaction shall be implemented by one or more transactions through the issuance of shares by way of a public offering, private placement, rights Issue in the Nigerian or International capital markets.”
FBN Holdings stated that the share price will be set through a book-building process or any other appropriate valuation method, or a combination of both. The shares will be issued in tranches, series, or proportions, with specific terms regarding the timing, coupon or interest rates, maturity periods, and other conditions as determined by the Board of Directors.
The company added that the capital raise is contingent upon obtaining the necessary approvals from relevant regulatory authorities.
FBNH Holdings said ” the share capital of the company will be Increased by the exact number of ordinary shares which would be required upon determination of the terms of the capital raise and the Directors are authorised to pass resolutions for such increase, as well as to allot the new ordinary shares. required in connection with the capital raise”.
“That the directors be and are hereby authorised to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the foregoing resolution on the Official List of the Nigerian Exchange Limited and/or on any other securities exchange(s) or market(s),” the company said.
Earlier in April, the company had announced its intention to raise N300 billion by selling shares to private investors and existing shareholders.
Then, on November 1, FBN Holdings unveiled plans to generate approximately N150 billion through a rights issue program.
Comments