FBN Holdings shareholders approve change of name, 2023 Dividend

FBN Holdings shareholders have approved a N14.358 billion total distributable dividend for financial year 2023 at the annual general meeting last week, the group said in a regulatory filing on the Nigerian Exchange. Details from resolutions passed at the annual shareholders meeting stated that shareholders will be paid 40 kobo per share as dividend for the financial year 2023. FBN Holdings Plc told the exchange its shareholders also approved a proposal to change its legal and brand names. The financial services group has earlier hinted about the plan to change its legal and brand names from FBN Holdings and FBNHoldings to First Holdco Plc and FirstHoldco. The group fixed director remuneration at N50 million and N63.700 million for chairman. Shareholders also approved N350 billion capital raise for the group to meet the new capital base demand by the central bank.
The group revealed that the capital raise can be implemented by public offers, rights issues, and private placements in local or international debt market at a price determined by bookbuilding or any other valuation methods. The capital raise plan remains subject to regulatory approval, the statement revealed. The share price of Ticker: FBNH has climbed by 54 basis points during early trading hours on Monday to N27.75