First Bank of Nigeria (FBN) Holdings Plc has announced that shareholders have approved changing the company’s name to First Holdco Plc.
In a statement at the weekend, the company’s Secretary, Adewale Arogundade, said shareholders approved the decision at the company’s 12th Annual General Meeting (AGM) held virtually on Thursday.
The company said the change would be rolled out to all its subsidiaries.
“The name and brand of the company will be changed from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco respectively,” FBN Holdings announced.
“That the name and brand change shall extend to the subsidiaries of FBN Holdings Plc.”
“That the directors are hereby authorized to take all other acts necessary to give effect to the aforesaid resolutions including but not limited to complying with instructions upon completion of the process.” The aforesaid resolutions, the name change, increase in capital and allotment of new ordinary shares by the articles of association and articles of association of the company shall be amended as necessary to reflect the new name and issued capital.
“The Company is hereby authorized to raise a maximum of 350,000,000,000.00 won (Thirty-five Billion Naira),” FBN Holdings said.
“The capital increase will be effected through one or more transactions through the issuance of shares by public offering, private placement or rights issue in the Nigerian or international capital markets.”
FBN Holdings said the price “will be determined through a book building process or any other valuation method or combination of methods, for the said tranche, series or shares, of their tenor or date, coupon or interest rate.”
The financial institution said the capital increase is subject to approval by the relevant regulatory authorities.
FBNH Holdings said its share capital will be increased by the exact number of ordinary shares “required after the terms of the capital increase have been determined and the directors have been empowered to pass a resolution for such capital increase and issue of the relevant shares. Admit the new ordinary shares required in connection with the capital increase.”
“The directors are hereby empowered to take all necessary steps to secure the listing and admission to trading of the securities issued pursuant to the above resolution on the Official List of the Nigerian Exchange Limited and/or any other stock exchange or market,” the company said.
The company had said in April that it would raise 300 billion naira by selling shares to retail investors and existing shareholders.
