FBN Holdings Plc has announced a strategic rebranding initiative, with shareholders approving a change of the company’s name to First Holdco Plc.
The decision was made during the company’s 12th Annual General Meeting (AGM), which was held virtually last Thursday.
In a statement signed by Adewale Arogundade, the company’s secretary, FBN Holdings revealed that the name change will extend across all its subsidiaries, reflecting a unified brand identity.
The resolutions passed during the AGM include: changing the legal and brand names from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco; amending the company’s Memorandum and Articles of Association to reflect the new name and updated share capital; authorising the directors to implement all necessary actions to actualize these changes and comply with regulatory requirements.
Additionally, shareholders approved a substantial capital raise of up to ₦350 billion.
The fundraising will be conducted through various channels, including public offerings, private placements, and rights issues, both in the Nigerian and international capital markets.
The company noted that the capital raise will follow a book-building process or other valuation methods, allowing for flexibility in structuring the transaction. The proceeds will support FBN Holdings’ strategic objectives, while ensuring compliance with relevant regulatory approvals.
To accommodate the capital raise, FBN Holdings’ share capital will be increased by the exact number of shares required. The board has been authorized to oversee this process and secure listings for the new securities on the Nigerian Exchange Limited and other markets as necessary.
The development follows an earlier announcement in April, where FBN Holdings expressed intentions to raise ₦300 billion. The company subsequently unveiled plans to raise an additional ₦150 billion through a rights issue programme on November 1, signaling its commitment to bolstering its financial capacity.
The rebranding and capital raise mark a significant milestone for FBN Holdings, positioning the institution for greater operational efficiency and enhanced shareholder value.