FCMB Group Plc has announced plans to undertake an equity capital raise through an Offer for Subscription, in line with approval previously granted by shareholders at the Extraordinary General Meeting held on December 19, 2024.
The company disclosed that the initiative is aimed at strengthening its capital base to support its regional and international expansion strategy.
Proceeds from the Offer will be injected as equity into its banking subsidiary, First City Monument Bank Limited.
According to the Board of Directors, the Offer will be priced in line with prevailing market conditions, with consideration given to ensuring an appropriate discount for investors.
Details of the transaction will be made available following the receipt of approval from the Securities and Exchange Commission (SEC).
Olufunmilayo Adedibu, Company Secretary, confirmed the development on behalf of FCMB Group Plc.