First Bank of Nigeria (FBN) Holdings Plc has announced that its shareholders have approved the plan to change the company’s name to First Holdco Plc.
This decision was confirmed at the company’s 12th Annual General Meeting (AGM) held virtually on Thursday.
In a notice issued over the weekend, the company’s Secretary, Adewale Arogundade, confirmed that the name change would extend to all subsidiaries of the company.
The statement read, “That there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco, respectively.”
The company also noted, “That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc.”
FBN Holdings also announced that shareholders had approved a resolution to raise N350 billion by selling shares to private investors and existing shareholders.
The statement further read: “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).”
The capital raise will be implemented through various transactions, including public offerings, private placements, or rights issues in either the Nigerian or international capital markets.
“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 said.
The company added that the pricing of the capital raise would be determined by “way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the Board of Directors.”
The financial institution also noted that the capital raise would be subject to the approval of relevant regulatory authorities.
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“The capital raise would be subject to approvals of the relevant regulatory authorities,” the company stated.
In addition, FBN Holdings revealed that the company’s share capital would be increased by the exact number of ordinary shares required upon determination of the terms of the capital raise.
“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,” the company said.
The company also authorised its directors to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the resolution on the Official List of the Nigerian Exchange Limited and/or on any other securities exchange(s) or market(s).
“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 statement read.
The shareholders’ resolution included several key steps: the change of legal and brand names to First Holdco Plc and FirstHoldco, extension of the name change to all subsidiaries, authorisation for directors to perform necessary acts to give effect to the resolutions, and the amendment of the Memorandum and Articles of Association to reflect the new legal name and issued share capital.
Earlier in April, FBN Holdings had announced plans to raise N300 billion through the sale of shares to private investors and existing shareholders. However, on November 1, the company revealed plans to raise approximately N150 billion through a rights issue programme.
