The plan by FBN Holdings for an Extraordinary General Meeting to secure approval from shareholders for a N300 billion capital raise has been called off.
An announcement made on Friday and filed with the Nigerian Exchange Limited stated that the special meeting has been cancelled without providing specific reasons.
“The earlier planned Extraordinary General Meeting of FBN Holdings Plc (the “Company”), which was set to be conducted virtually on Tuesday, April 30, 2024, at 10 a.m to discuss and approve a Capital raise of up to N300 billion and other related matters, has now been cancelled,” as mentioned in the statement.
Just last week, FBN Holdings, in a previous notification about the Extraordinary General Meeting submitted to the NGX, revealed its intention to seek approval from shareholders for the additional N300 billion capital raise.
As per the notification, shareholders were to review and vote on the proposal stating “that the company is hereby authorised to proceed with a capital raise of up to N300,000,000,000.00.”
The financial institution had outlined plans to obtain the funds through a public offering, private placement, or rights issue in the Nigerian or global capital markets.
This capital raising initiative emerged shortly after the Central Bank of Nigeria mandated Banks to bolster their capital reserves.