First City Monument Bank (FCMB) Group Plc has expanded its share capital on the Nigerian Exchange Limited (NGX) with the listing of 3,166,284,712 additional ordinary shares.
According to a notice issued by NGX Regulation Limited on Tuesday, the new shares arose from the conversion of a ₦23.1 billion mandatory convertible loan, inclusive of accrued interest, into equity.
The notice was signed by the Head of Issuer Regulation Department at NGX, Mr. Godstime Iwenekhai.
The conversion was executed at a price of ₦7.30 per share. This is 33.03% lower than the current market value of N10.9 per share which it closed on Friday.
With this listing, FCMB’s total issued and fully paid-up shares have increased from 39.61 billion to 42.77 billion ordinary shares of 50 kobo each.
Market analysts note that the transaction reflects the bank’s efforts to strengthen its capital base and enhance shareholder value, while reducing debt exposure.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
