FBN Holdings Lost 24% of its Market Value
The market has priced FBN Holdings downward by about 24% following the financial services group strong, impressive valuation surge in the recent past months.
The Marina’s big elephant faced steep sell pressures from shareholders who started taking to their heels after capital raise notice.
In its regulatory filing, the management of FBN Holdings Plc informed the market and regulators about plan to raise large equities capital to support its market position.
The financial service group is planning to raise capital up to N300 billion via a public offering, private place cement or rights issue in the Nigerian or international capital market at a price to be determined by way of a book building process.
In the tier 1 banking category, the first has become last in audited financial statement release. The market expects the group to release its audited financial statement despite early release of Q4-2024.
Details from the Nigerian Exchange showed that FBN Holdings share price fell to N27.1 at the close of trading sessions on Friday. The group had seen its share peaked at N35.55 in the last seven trading sessions.
The downward trend in its market value mirrors investors’ perception about its future earnings streams, dividend track record competitive position amidst tough rivalry in the banking sector.
