FCMB Group to raise share capital

FCMB Group Plc is set to seek the approval of its shareholders to increase its share capital as part of its ongoing capital-raising programme.

This was contained in the Notice of Extraordinary General Meeting filed on the Nigerian Exchange Limited on Friday.

The PUNCH reports that FCMB Group is currently undergoing a N160 bn offer for subscription to strengthen its capital base.

In the EGM notice, the company stated that the primary special business consideration for the virtual meeting scheduled for 8 December 2025 is a resolution to seek authorisation “to increase its capital raise limit from up to N340,000,000,000 (Three Hundred and Forty Billion Naira) to up to N370,000,000,000 (Three Hundred and Seventy Billion Naira) or its equivalent in such other currency as the Board of Directors of the Company (the Board) may decide.”

The increase would be executed “through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes and/or loans, notes, bonds or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, rights issues and/or such other transaction modes.” Shareholders will also vote on the request that the company “be and is hereby authorised to accept oversubscriptions from the 2025 public offer of the Company’s Shares and offer additional shares up to the limit prescribed by the Securities & Exchange Commission and subject to obtaining relevant regulatory approvals.”

To enable this, the company is seeking approval for its issued share capital to be increased from “N30,002,169,782.50 (Thirty Billion, Two Million, One Hundred and Sixty-Nine Thousand, Seven Hundred and Eighty-Two Naira, Fifty Kobo) divided into 60,004,339,565 (Sixty Billion, Four Million, Three Hundred and Thirty-Nine Thousand, Five Hundred and Sixty-Five) ordinary shares of 50 (Fifty) kobo each by the creation and addition of the number of ordinary shares required to give effect to Resolution 1 above.”

Another resolution proposes that the Board be authorised to “(a) pass the relevant resolutions increasing the Company’s issued share capital by the specific number of new ordinary shares required for the capital raise; and (b) allot such number of new ordinary shares to relevant investors upon completion of the capital raising exercise.”

The notice states that the new ordinary shares “shall rank pari passu in all respects with the existing ordinary shares of the Company.” If approved, the Board will amend Clause 6 of the Memorandum of Association to reflect the newly issued share capital.

Source: https://punchng.com/fcmb-group-to-raise-share-capital