Information on the trading portal of the Nigerian Exchange reveals about 600 million units of FBN holding shares were sold on Monday, June 6, 2022.
The value of the trade is estimated at about N6.6 billion based on a share price of N11.10 per share.
Nairametrics had earlier reported a cross of about 274 million units last Thursday in a deal valued at about N4 billion. Just like the prior sale, this transaction was handled by Cardinal Stone, a stock brokerage firm.
Why this matters
The jostle for FBN Holdings’ majority shareholding culminated in Femi Otedola being declared as the majority shareholder, according to the company’s 2021 audited account which was released last week.
- The company’s total shareholding is 35,895,292,791 thus a trade of 600 million units represents 1.6% of the company’s shares.
- When added to the 0.76% sold last week, it then suggest over 2% of the shares of the company has been sold.
- If a majority shareholder is selling the stock of the company, who could that be?
- As one of our sources indicate, if it is Femi Otedola selling, then this could have a potential impact on the company’s share price.
- The share price closed at N11.20 up by just 1.8%.
FBN Holding Results
FBNH recently released its first-quarter 2022 results showing the group posted a blistering profit after tax of N32.44 billion for the first quarter on March 31, 2022, a 107.63% growth over N15.620 billion reported in 2021.
- Profit before tax stood at N36.518 billion as against N8.905 billion in 2021, equally representing 93.16% growth.
- The profit was boosted largely by interest income of N109.448 billion reported during the period under review as against N78.357 billion posted in 2021, accounting for an increase of 39.67%.