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FBN Holdings Plc has announced its intention to change its legal and brand name to “First Holdco Plc” at its upcoming 12th Annual General Meeting (AGM), set for November 14, 2024.
This announcement was made in a notice of the AGM signed by Acting Company Secretary, Adewale Arogundade.
The proposed name change is part of a series of special resolutions that shareholders will consider at the AGM.
The rebranding initiative will also extend to the company’s subsidiaries.
According to the notice, “As part of the transition, the directors will be empowered to take necessary actions, including amending the company’s Memorandum and Articles of Association to reflect the new legal name and updated share capital structure, pending regulatory approval.
“The shift to “First Holdco Plc” represents a significant moment for FBN Holdings, aiming to modernize its identity and streamline its corporate structure.
“The change is intended to better reflect the company’s evolution into a diversified financial services group, while maintaining its legacy as one of Nigeria’s oldest financial institutions, with over 130 years of history.”
The notice further posited that “By extending this new identity across all subsidiaries, FBN Holdings seeks to present a cohesive brand that strengthens its market position and aligns with its long-term strategic vision.
“This rebranding effort comes at a time when the company is actively working to enhance its capital structure and fortify its balance sheet.
“A key item at the AGM will also include the company’s revised rights issue, which involves the issuance of 5,982,548,799 ordinary shares of 50 kobo each at N25 per share.
“This offer is based on 1 new ordinary share for every 6 shares held as of October 18, 2024.
“The revised proposal follows the suspension of an earlier, larger capital raise due to legal challenges from a shareholder.
“The funds raised through this rights issue will support FBN Holdings’ plans to improve its capital adequacy ratio and enable further investments in its subsidiaries.
“The name change to “First Holdco Plc” aligns with this broader strategic direction, marking a new chapter for the company’s growth and expansion efforts.
“The upcoming AGM is expected to be a pivotal moment in FBN Holdings’ transformation as it positions itself for future growth and market leadership.”
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