Information reaching Nairametrics indicates about 274 million units worth of FBN Holding shares were sold via crossing on the Nigerian Exchange as of closing on Thursday, June 2nd, 2022.
The shares were crossed via Cardinal Stone in a trade that was tracked by most stockbrokers who informed Nairametrics.
The shares are worth over N4 billion and assume a share price of about N14 per unit. FBN Holdings is closed trading on the day with a share price of N11.10. Despite the crossing a total of 74,658, 224.00 valued at N836,141,401.50.
Why this matters
The jostle for FBN Holdings’ majority shareholding culminated in Femi Otedola being declared as the majority shareholder, according to the company’s 2021 audited account which was released last week.
- The company’s total shareholding is 35,895,292,791 thus a trade of 274 million units represents 0.76% of the company’s shares.
- Though this might appear irrelevant it is sizeable enough to tip the scale for any of the shareholders seeking significant interest.
- The assumed share price of N14 per unit is also a significant premium to FBN Holdings’ existing share price of N11.10. Important to add that share prices at crossing is often at a premium to the regular trading price.
FBN Holding Results
FBNH recently released its first-quarter 2022 results showing the group posted a blistering profit after tax of N32.44 billion for the first quarter on March 31, 2022, a 107.63% growth over N15.620 billion reported in 2021.
- Profit before tax stood at N36.518 billion as against N8.905 billion in 2021, equally representing 93.16% growth.
- The profit was boosted largely by interest income of N109.448 billion reported during the period under review as against N78.357 billion posted in 2021, accounting for an increase of 39.67%.
