FirstHoldco pronounces 25% oversubscription of N150bn rights situation, plans N350 billion personal placement 

FirstHoldco Plc has disclosed the profitable completion of its N150 billion Rights Challenge, which was oversubscribed by a powerful 25%.

This milestone units the stage for the corporate’s subsequent part: a deliberate Personal Placement to lift an extra N350 billion.

This was contained in a press assertion issued on Thursday.

Talking on the capitalisation train, Adebowale Oyedeji, Group Managing Director of FirstHoldco Plc, highlighted the robust investor confidence demonstrated within the first part of the capital increase initiative.

“We’re delighted to announce the profitable completion of the as much as N150 billion Rights Challenge following spectacular subscriptions of N187.6 billion, over 25% above goal, on this first part of the capital increase train,” he said.

Oyedeji emphasised that the overwhelming response from shareholders signifies belief within the firm’s strategic imaginative and prescient. He added that the newly raised capital will allow FirstHoldco to boost its market place, put money into innovation, and assist sustainable development for FirstBank, its flagship subsidiary.

“We lengthen our profound appreciation to the Central {Bank} of Nigeria and the Securities and Alternate Fee for his or her assist in guaranteeing the integrity of the method and the capital market,” he remarked.

Sturdy Shareholder and Stakeholder Help

The Chairman of First Holdco Plc, Femi Otedola, echoed Oyedeji’s sentiments, expressing gratitude for the robust participation of shareholders and stakeholders within the Rights Challenge.

“On behalf of the Board of Administrators, I wish to lengthen my heartfelt gratitude to all our shareholders and all stakeholders concerned on this profitable Rights Challenge provide. The robust participation is a transparent indication of the collective perception in First Holdco and its brilliant future,” he stated.

Otedola additionally acknowledged the steerage and assist offered by the regulators, together with the Central {Bank} of Nigeria and the Securities and Alternate Fee, guaranteeing full compliance and transparency all through the method.

“We deeply respect the continued assist and partnership, which allows us to embark on this subsequent part of development,” he added.

What you need to know 

• With the shareholders’ overwhelming approval throughout the firm’s twelfth Annual Common Assembly on November 14, 2024, FirstHoldco is now set to proceed with the second part of its capitalisation train—a Personal Placement to lift as much as N350 billion.
• This approval contains provisions to pursue capital raises by way of a number of avenues, together with public choices, personal placements, and rights points, in each Nigerian and worldwide capital markets.
• Moreover, shareholders accredited a dividend of 40 kobo per 50 kobo peculiar shares, amounting to N14.36 billion, to be distributed for the 2023 {financial} yr. Additionally they approved the Board of Administrators to take any needed actions to implement the resolutions, together with compliance with directives from related regulatory authorities.

FirstHoldco just lately reported important {financial} achievements. For the 2023 {financial} yr, the group declared an annual dividend payout and reaffirmed its dedication to leveraging revolutionary methods to make sure future development.

The corporate is now poised to additional solidify its market presence and speed up its growth efforts within the coming years.