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FBN Holdings calls off Extraordinary General Meeting to seek shareholders’ approval for N300 billion capital raise
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Notice filed with Nigerian Exchange Limited (NGX) states special meeting is cancelled, without providing reasons
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Proposed capital raising was announced last week, intended to be carried out through public offering, private placement, or rights issue
Eko Hot Blog reports that, in a surprising turn of events, FBN Holdings has cancelled its planned Extraordinary General Meeting (EGM) aimed at securing shareholders’ approval to raise N300 billion in additional capital.
The financial institution had announced its intention to undertake the substantial capital raise last week, citing plans to raise the funds through a public offering, private placement, or rights issue in the Nigerian or international capital markets.
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However, in a notice filed with the Nigerian Exchange Limited (NGX) on Friday, FBN Holdings stated that the EGM, previously scheduled for Tuesday, April 30, 2024, has been cancelled. The statement read, “The Extraordinary General Meeting of the members of FBN Holdings Plc (the “Company”), earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to N300bn and other ancillary matters is hereby cancelled.”
Notably, the notice did not provide any reasons for the cancellation of the EGM and the proposed capital raise.
The move to raise N300 billion in additional capital had come barely weeks after the Central Bank of Nigeria (CBN) directed banks to recapitalize, sparking speculation that FBN Holdings’ planned capital raise was aimed at meeting the regulator’s requirements.
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The abrupt cancellation of the EGM has raised questions about the financial institution’s plans and the potential implications for its operations and compliance with regulatory directives. Market analysts and investors will be closely monitoring any further developments or clarifications from FBN Holdings regarding its capital raising strategies.
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