FBN Holdings strike N5bn share deal

Two deals were struck yesterday for the transfer of 1.11 per cent equity stake in FBN Holdings Plc valued at N5 billion.

The two deals involved the exchange of 400 million ordinary shares of 50 kobo each of FBN Holdings at N12.50 per share.

The deals were consummated by the buying and selling investors ahead of the formal transfer at the Nigeria Stock Exchange.

The negotiated cross deal platform of the exchange is a special-purpose trading platform that is meant for voluminous transaction.

FBN Holdings is the holding company for First Bank of Nigeria (FBN) and its former subsidiaries.

It recently launched a three-year medium-term strategic plan aimed at extracting significant synergies from the group with a view to enhancing returns to shareholders.

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