FCMB Group Plc has announced plans to raise equity capital to strengthen its financial base and support its regional and international expansion strategy.
The development was filed recently with the Nigerian Exchange and communicated to stakeholders, including the investing public.
According to the company, the Board of Directors, acting on approval granted by shareholders at an Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription.
The proceeds from the offer will be remitted as equity into First City Monument Bank Limited.
“FCMB Group Plc hereby notifies NGX Regulation Limited, our esteemed stakeholders, and the investor community that the Board of Directors of FCMB, 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 is being undertaken in furtherance of 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 statement partly reads.
The board noted that the offer will be priced based on the live market value while ensuring an appropriate discount for prospective investors. Further details of the offer, including the final pricing and subscription terms, will be disclosed following approval from the Securities and Exchange Commission.
The move is part of FCMB’s broader strategy to consolidate its capital position in preparation for expanded operations across Africa and international markets.
Credit: punchng.com
