FCMB Group Plc has announced plans to undertake an equity capital raise through an Offer for Subscription, following approval from its shareholders at the Extraordinary General Meeting held on December 19, 2024.
According to the bank in a statement, the Offer aligns with its long-term strategy to strengthen its capital base and support both regional and international expansion. The proceeds from the equity raise will be injected into its flagship subsidiary, First City Monument Bank Limited.
The Board noted that the Offer would be priced at a level that reflects an appropriate discount while also tracking live market conditions. Full details of the Offer will be disclosed upon receiving approval from the Securities and Exchange Commission (SEC).
The statement ead: “FCMB Group Plc hereby notifies NGX Regulation Limited (NGX Reg), our esteemed stakeholders, and the investor community that the Board of Directors of FCMB (‘’the Board”), acting pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription (“the Offer”).
The offer is being undertaken to further the Company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans. The proceeds of the Offer will be remitted as equity into First City Monument Bank Limited.
The Board is keen to commence the Offer based on a live market price while ensuring that the Offer price reflects an appropriate discount. Details of the Offer will be disclosed upon the receipt of the Securities and Exchange Commission’s (“SEC”) approval.
