FCMB Group is in the market to raise N110.9 billion through an offer for subscription of 15,197,289,219 ordinary shares of 50 kobo each at N7.30 per share. The offer opened on Monday 29 July 2024 and will close on 4th September 2024.
FCMB Group Plc is a holding company that provides banking and financial services to its corporate and individual customers through its subsidiaries and has been in operation for over 45 years, transforming from its investment banking roots in 1977 into a financial holding company divided broadly into four business groups with seven principal & two tertiary subsidiaries.
In the banking segment, its subsidiaries are the First City Monument Bank Limited, FCMB (UK) Limited, and FCMB Microfinance Bank Limited. It also has the Credit Direct Limited.
In the investment banking space, the group boasts of the FCMB Capital Markets Limited and CSL Stockbrokers Limited. These are complemented by FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.
“Proceeds from the equity capital raise will be used in compliance with the CBN’s guidance to shore up the paid-up capital of FCMB Limited,” Futureview Securities said, adding that the capital is “to shore up the paid-up capital of FCMB Limited in compliance with the CBN’s new minimum capital requirement.”
The minimum subscription is 1000 shares and in multiples of 1000 ordinary shares thereafter.
