NGX Lists 5.98 Billion New Shares Of First HoldCo After Rights Issue
The Nigerian Exchange Limited (NGX) has listed an additional 5,982,548,799 ordinary shares of 50 Kobo each belonging to First HoldCo Plc, following the completion of the company’s Rights Issue.
According to the NGX Weekly Report seen by THE WHISTLER, the newly listed shares were added to the Daily Official List of the Exchange.
The Rights Issue was executed at N25.00 per share, based on one new ordinary share for every six existing ordinary shares held by shareholders as of the close of business on Friday, October 18, 2024.
The offer, which aimed to strengthen the company’s capital base and enhance its strategic growth plans, recorded an impressive 125.46 per cent subscription rate.
With this new listing, the company’s total issued and fully paid-up share capital has increased from 35,895,292,792 to 41,877,841,591 ordinary shares of 50 Kobo each, further positioning First HoldCo Plc for enhanced capital market visibility and future growth initiatives.
FirstHoldco Plc had disclosed the successful completion of its ₦150bn rights issue, which was oversubscribed by an impressive 25 per cent.
Speaking on the capitalisation exercise, Adebowale Oyedeji, Group Managing Director of FirstHoldco Plc, highlighted the strong investor confidence demonstrated in the first phase of the capital raise initiative.
“We are delighted to announce the successful completion of the up to N150bn rights issue following impressive subscriptions of N187.6bn, over 25 per cent above target, in this first phase of the capital raise exercise,” he stated.
Oyedeji emphasised that the overwhelming response from shareholders signifies trust in the company’s strategic vision.
He added that the newly raised capital will enable FirstHoldco to enhance its market position, invest in innovation, and support sustainable growth for FirstBank, its flagship subsidiary.
“We extend our profound appreciation to the Central Bank of Nigeria and the Securities and Exchange Commission for their support in ensuring the integrity of the process and the capital market,” he remarked.
NGX Lists 5.98 Billion New Shares Of First HoldCo After Rights Issue is first published on The Whistler Newspaper
