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Business News of Thursday, 9 June 2022

Source: www.thisdaylive.com

Otedola sells N9.28bn shares of FBN holdings

Femi Otedola Femi Otedola

FBN Holdings Plc has announced that its largest, single shareholder, Mr Femi Otedola has sold about N9.28 billion worth of the holding company’s shares on the trading floor of the Nigerian Exchange Limited (NGX).

The five transactions worth a total volume of 834.94 million was reported by FBN Holdings as part of its insider dealing notification on the NGX.

Insider dealing notification is a mandatory filing required to be disclosed whenever a significant shareholder is selling shares on the Exchange.

According to the series of filings posted on the bourse, Otedola and his entities sold about 834,939,764.00 units, representing about 30 per cent of his shareholdings in the bank holding company.

The sold shares also reduced his shareholding from about 7.57 per cent to about 5.24per cent, thus 2.3per cent of the bank shares have been sold in a matter of 3-day.

The Acting company secretary, FBN Holdings, Mr Adewale Arogundade in a notification on the Exchange disclosed that Shetland Global (Company Related to a significant shareholder) sold 174,939,764 at N11.14 shares of FBN Holdings on June 6, 2022, valued at N1.95billion.

Others are: Wells Property & Investment company sold 120,000,000.00 at N11.1 valued at N1.33billion; Prime Rose Global Concept sold 170,000,000.00 at N11.14 valued at N1.89billion; Prime Rose Global Concept sold 170,000,000.00 at N11.14 valued at N1.89billion and Femi Otedola sold 200,000,000 shares at N11.1 valued at N2.22 billion.

FBN Holdings share price has been hovering around the N11 and N12 range since Otedola was declared the majority shareholder this year.

The Chief Operating Officer, InvestData Ltd, Mr Ambrose Omordion said the billionaire might have wanted to divest into another business line that required fresh capital.

According to him, “He had bought some stocks around N7-8.00, while some were brought around N13.00 per share. I think the billionaire has seen another opportunity and he decided to sell those shares. Mind you, he is not selling all the shares.”

The share price of FBN Holdings closed at N10.30 per share yesterday.