Nigeria: First Holdco Records 25 Percent Oversubscription of Rights Issue
Summary
The financial services group noted that the strong interest from investors affirms "the trust and confidence placed in the First HoldCo Group and its vision for the future. "First HoldCo Plc said its recently concluded rights issue was oversubscribed by 25 per cent as it reported N187.6 billion in subscriptions from existing shareholders even though it set out to raise N150 billion.The companys managing director, Adebowale Oyedeji, said the transaction has received capital verification from the Central Bank of Nigeria.The financial services group noted that the strong interest from investors affirms "the trust and confidence placed in the FirstHoldCo Group and its vision for the future. "The strong participation is a clear indication of the collective belief in FirstHoldCo and its bright future. We deeply appreciate the continued support and partnership, which enables us to embark on this next phase of growth," said Femi Otedola, chair of the groups board of directors. "We also wish to acknowledge our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, for their guidance and support throughout the process, ensuring that all procedures were transparent and in full compliance with the applicable regulations," he added.The group hopes to source the remaining N350 billion for the recapitalisation exercise by way of private placement, having received shareholders approval last November to proceed with the move.According to its unaudited earnings report, First HoldCo reported a 138.1 per cent jump in net profit to N738.9 billion last year.