FBN Holdings Shares Jump 1.82% Amid AGM Row
The shares of First Bank Holdings rose 1.82 per cent on the Nigerian Exchange Limited NGX Tuesday. defying the ongoing controversy on the financial institution’s Annual General Meeting (AGM).
During Tuesday’s trading session on the domestic bourse, shares of FBN Holdings jumped 1.82 per cent from N11 per share to its current N11.20 kobo per share.
Also, its market capitalization which represents the Group’s total value on the stock market gained N7.18 billion or 1.82 per cent to stand at N402.03 billion up from N394.85 billion.
A further check reveals that the Holdings transacted a total of
12.82 million units of shares valued at N140 5 million, while its outstanding shares are kept at 35,895,292,792.
There were reports that a federal high court sitting in Lagos had in an ex-parte order barred FBN Holdings from holding its AGM. The bank, however, held its AGM weeks ago.
In a statement responding to the development, Adewale Arogundade, acting company secretary of the lender, said its AGM was duly held with all requisite regulatory and statutory parties in attendance.
The bank said it “remained unaware of any lawsuit or court order against it until about 3 pm on July 18 when it received a copy of the order.
“In accordance with Nigerian Exchange Limited (NGX) Rulebook, we hereby notify NGX and the investing public that our attention has been drawn to an online publication dated July 17, 2022, stating that the Federal High Court sitting in Lagos, Nigeria, has granted an ex parte Order against FBN Holdings Plc and some other Respondents,” FBN Holdings stated.
“FBN Holdings Plc remained unaware of any lawsuit or court order against it until about 3 pm today when a copy of same was served on it. The exparte order essentially directs FBN Holdings and the other respondents to maintain status quo ante bellum prevailing before FBN Holding Plc’s 10th Annual General Meeting (AGM) held on June 20, 2022, pending the hearing and final determination of the motion on notice for interlocutory injunction.
“Without prejudice to the said court order, FBN Holdings Plc confirms that the subject AGM was duly and validly held with all requisite regulatory and statutory parties in attendance.”
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