First Bank Holdings, the parent company of First Bank Nigeria Limited, one of Nigeria’s tier one banks, has notified the Nigerian Exchange Group and other stakeholders of the acquisition of 4,770,269,843 units of shares by Barbican Capital Limited, an affiliate of Honeywell Group Limited, representing 13.3 percent of its 35,895,292,791 outstanding shares of the FBN Holdings.
“This is to inform the public and our stakeholders that the Company received a notification dated July 7,2023 from Honeywell Group Limited that its affiliate, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 units of shares from the Company’s issued share capital of 35,895,292,791 as at above referenced date.
“Based on the foregoing, the equity stake of Barbican Capital Limited in the Company is 13.3%,” a notice from Adewale Arogundade, acting company secretary stated.
Most of the units of shares in the cross deal were acquired at a unit price of N19 per share, according to market data, implying Barbican Capital Limited invested about N87.8 billion to become the largest shareholder in Nigeria’s tier one financial group.
“Honeywell Group Limited (HGL) has notified FBN Holdings Plc (FBN) and regulatory authorities of the acquisition of 4,770,269,843 shares of FBN by its affiliate company, Barbican Capital Limited. This purchase is in addition to previously disclosed interests by HGL’s affiliates.
“HGL holds its investments for the long term, working closely with all stakeholders to foster the creation of enhanced value for all. The investment is consistent with HGL’s mission to create, build and invest in great businesses that deliver enduring value and improve lives,” Honeywell Group, announced on its official website.
As of March 2023, FBN Holdings had the following individuals as the largest shareholders. They were the billionaire business mogul, Femi Otedola, who controlled 0.03 percent direct shareholding, and 5.54 percent indirect shareholding in the firm, bringing his total shareholding to 5.57 percent which automatically made him the single largest individual shareholder.
He was followed by Tunde Hassan-Odukale who controlled 0.08 percent direct shareholding and 4.34 percent indirect shareholding, bringing his total shareholding to 4.42 percent.
UBAPFC/Leadway Pensure RSA Account had 1.01 percent shareholding in the firm as at the end of the first quarter of 2023.
A total of 88.91 percent shares of FBN Holdings were available as free float.
As of March 2023, FBN Holdings realised N111.85 billion as net interest income as against NN72.79 billion as of March 2022. Profit after tax for Q1 2023 was N50.09 billion in contrast to N32.44 billion in the comparable period of 2022, representing an increase of 54.5 percent.
Barbican Capital Limited has equally qualified for the 50 kobo per share dividend declared by FBN Holdings for the 2022 financial year. According to the notice sent when it announced its corporate actions, the 2022 dividend will be paid to shareholders whose names are in the register of members by 8 August 2023 while payment will be made on 16 August 2023.
