FCMB to raise N150bn capital

FCMB Group Plc. is seeking shareholders’ approval to raise N150 billion capital.

The proposal is set to be presented at the group’s annual general meeting (AGM) scheduled for 24 May, 2024.

According to the notice, the group will raise up to N150 billion or its equivalent in other currencies through the issuance of various securities, including ordinary shares, preference shares, convertible or non-convertible notes, bonds, or other instruments, in both Nigerian and international capital markets, with flexibility in pricing and issuance.

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According to the statement, “The company be and is hereby authorised to raise additional capital of up to 150,000,000,000.00, (One Hundred and Fifty Billion Naira)or its equivalent in such other currencies as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme (s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions, as may be determined by the Board of Directors (the “Board” or the “Directors”), subject to obtaining the requisite approvals of the relevant regulatory authorities.

“That the issued share capital of the Company be and is hereby increased from N9,901,355,390.50 divided into 19,802,710,781 ordinary shares of 50k (Fifty Kobo) each, to 19,802,710,781.00 divided into 39,605,421,562 ordinary shares of 50k (Fifty Kobo) each by the creation and addition of 19,802,710,781 ordinary shares of 50k (Fifty Kobo) each ranking pari-passu with the existing ordinary shares of the Company (save that such additional ordinary shares shall not be considered for the dividend recommended by the Company in respect of the profit for the year ended 31 December, 2023).”