First Bank of Nigeria (FBN) Holdings Plc to Rebrand as First Holdco Plc
In a recent development, First Bank of Nigeria (FBN) Holdings Plc has received approval from its shareholders to change its name to First Holdco Plc.
The decision was made during the company’s 12th Annual General Meeting, where shareholders voted in favor of the name change. This rebranding will also extend to all subsidiaries under the FBN Holdings umbrella.
Adewale Arogundade, the company secretary, confirmed the resolution and stated that once the necessary procedures are completed, including the capital increase and issuance of new ordinary shares, the company’s Memorandum and Articles of Association will be updated to reflect the new legal name and share capital.
Furthermore, shareholders have approved the sale of shares to private investors and existing shareholders to raise N350 billion. The pricing of the shares will be determined through a book building process or other valuation methods, with the Board of Directors having the authority to set the terms and conditions.
As part of the restructuring, the company will increase its share capital by issuing new ordinary shares in accordance with the terms of the capital raise. The Directors are empowered to make necessary decisions regarding the allotment of new shares and obtaining listing for trading on the Nigerian Exchange Limited or other securities exchanges.
Earlier this year, FBN Holdings announced plans to raise N300 billion through a share sale. In a subsequent update, the company revealed its intention to raise an additional N150 billion through a rights issue program.
