Shareholders approve private placement of unissued Fidelity Bank shares
The leading financial institution, Fidelity Bank Plc, has obtained approval from its shareholders to issue, by way of private placement, the unissued common shares.
This was approved at the Extraordinary General Meeting (EGM) held at the Four Points by Sheraton Hotel, Victoria Island, Lagos on Thursday 29 September 2022.
In attendance were shareholders and representatives of regulators, including the Central Bank of Nigeria, the Nigeria Exchange Group, the Securities and Exchange Commission and the Corporate Affairs Commission.
Mustafa Chike-Obi, chairman of Fidelity Bank Plc, said the EGM had been called to ensure compliance with Section 124 of the Companies and Related Matters Act 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which requires companies with shares at the start of CAMA 2020 to issue those shares by December 31, 2022.
"After reviewing the options, the Board of Directors decided that the company's 3,037,414,308 unissued ordinary shares of 50 Kobo each should be sold through a private placement to strategic investors to enable the Bank to generate additional capital for continued growth in line with its objectives,” Chike-Obi explained.
“Fidelity Bank is growing rapidly and we need to expand our capital base to take advantage of emerging opportunities. We will also use the additional capital to improve our technology infrastructure to enable us to serve more customers,” said Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer.
The Bank recently paid an interim dividend of 10 Kobo for 50 shares of Kobo common stock, the first interim dividend in its 34-year history, based on its strong first-half 2022 results.Coins Area attached
The leading financial institution, Fidelity Bank Plc, has obtained approval from its shareholders to issue, by way of private placement, the unissued common shares.
This was approved at the Extraordinary General Meeting (EGM) held at the Four Points by Sheraton Hotel, Victoria Island, Lagos on Thursday 29 September 2022.
In attendance were shareholders and representatives of regulators, including the Central Bank of Nigeria, the Nigeria Exchange Group, the Securities and Exchange Commission and the Corporate Affairs Commission.
Mustafa Chike-Obi, chairman of Fidelity Bank Plc, said the EGM had been called to ensure compliance with Section 124 of the Companies and Related Matters Act 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which requires companies with shares at the start of CAMA 2020 to issue those shares by December 31, 2022.
"After reviewing the options, the Board of Directors decided that the company's 3,037,414,308 unissued ordinary shares of 50 Kobo each should be sold through a private placement to strategic investors to enable the Bank to generate additional capital for continued growth in line with its objectives,” Chike-Obi explained.
“Fidelity Bank is growing rapidly and we need to expand our capital base to take advantage of emerging opportunities. We will also use the additional capital to improve our technology infrastructure to enable us to serve more customers,” said Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer.
The Bank recently paid an interim dividend of 10 Kobo for 50 shares of Kobo common stock, the first interim dividend in its 34-year history, based on its strong first-half 2022 results.Coins Area attached
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