November 6, 2024/Futureview Research
Futureview Securities Limited is pleased to inform you that FBN Holdings PLC (“FBN Holdings” or the “FBNH” or the “Issuer”) Rights Issue of 5,982,548,799 ordinary shares at 50 kobo each, priced at N25.00 per share, available on the basis of 1 new ordinary share for every 6 existing shares held as at the close of business on Friday, October 18, 2024. The offer is now open and scheduled to close on Thursday, December 12, 2024.
FBN Holdings Plc is a financial holding company and one of the largest financial services organizations in Africa. It is a diversified and leading financial services Group offering a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.
FBN Holdings has oversight over its subsidiaries and drives group coordination, collaboration and synergies among other principal activities towards innovative financial solutions and enhanced shareholder value. FBN Holdings Plc is the non-operating holding company of First Bank of Nigeria Limited, a commercial bank with operations in 10 countries. FBNH has six direct subsidiaries, namely: First Bank of Nigeria Limited; FBNQuest Merchant Bank Limited; FBNQuest Capital Limited; FBNQuest Trustees Limited; FBN Insurance Brokers Limited; New Villa Limited (Rainbow Town Development Limited); and fifteen indirect subsidiaries namely: FirstBank UK Limited, FirstBank DRC Limited, FirstBank Guinea Limited, FirstBank Gambia Limited, FirstBank Sierra Leone Limited, FBNBank Senegal Limited, FBNBank Ghana Limited, FirstPension Custodian Nigeria Limited, First Nominees Nigeria Limited, FBNQuest Asset Management Limited, FBNQuest Securities Limited, FBNQuest Funds Limited, FBNQuest Capital Partners Limited, FBNQuest Property Ventures Limited and FBN Ivory Nigeria Limited.
FBN Holdings Plc is well positioned to become a Top banking group in Africa by 2027, supported by a robust management team. As of September 30, 2024, the Corporation’s financial highlights include total assets of N27.49 trillion, N12.72 trillion in loans and advances, N21.22 trillion in customer deposits, N2.60 trillion in shareholders’ funds. FBNH achieved N2.25 trillion in gross earnings with a return on equity (ROE) of 20.27%. FBN Holdings Plc is currently the 15th most valuable stock on the NGX with a market capitalization of N962 billion, which is about 1.64% of the Nigerian Exchange – equity market.
Please see below the summary of the indicative terms of the offer.
Shares that are not subscribed by the date on which the Acceptance Lists close will be allotted on a pro-rata (proportional) basis in line with SEC Rules and Regulations, to Shareholders who have applied and paid for additional shares over and above their provisional allotment.
FBNH Holdings Rights will be tradable from November 4, 2024, to December 12, 2024, at the quoted price on the Nigerian Exchange (NGX). During this period, you can trade your rights directly on the NGX floor. If you are interested in purchasing traded rights or if you are an existing shareholder looking to trade your rights, please contact Futureview Securities Limited for detailed guidance on the procedures for both purchasing and trading FBN Holdings Plc Rights.
Shareholders who buy rights on the NGX are guaranteed the number of shares purchased: they will not be subject to the allotment process in respect of shares so purchased. This trading period offers a prime opportunity for public investors to subscribe to the Offer and for existing shareholders to trade their rights at a premium.
