Nairametrics can confirm that over 4 billion units of FBN Holdings Plc shares have been traded on the NGX on Thursday, July 6, 2023.
The trade is valued at about N76 billion and is one of the largest single trades recorded for the stock this year.
FBNH has about 35.8 billion shares outstanding as of December 2022 audited accounts and continues to be one of the most attractive stocks.
Initial feelers from traders indicate the trades are related to one of the major shareholders of the bank who is buying. Another source suggests the shareholder is likely moving shares around through proxies.
Another reliable source who pleaded anonymity suggests this may be connected to the pending Ecobank appeal at the Supreme Court over the implementation of liquidation proceedings for Honeywell.
However, Nairametrics has not independently verified these comments as the matter is still unfolding.
This report is part of our commitment to inform retail investors and bridge any information asymmetry as the share price continues to soar.
Meanwhile, it appears the market is likely anticipating a bidding war with the share price of the stock trading for as high as N19, the highest in over 10 years.
Note: Investors are advised to beware of jumping into stocks without conducting thorough due diligence. Talk to your financial advisor for investing decisions, especially purchasing stocks that are bidding higher.
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