Business mogul Femi Otedola has increased his ownership in First HoldCo Plc after buying an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.
Details contained in a regulatory filing submitted to the Nigerian Exchange revealed that the share purchase, valued at N222.20 billion, was carried out on Thursday.
Following the latest deal, Otedola’s total holdings in the financial institution have risen from 9.99 billion shares to 11.77 billion shares, pushing his equity stake from 21.96 per cent to 25.88 per cent.
The acquisition comes just days after he purchased 706.13 million shares worth N77.58 billion on July 22, a move that further cemented his status as First HoldCo’s largest shareholder.
His overall investment in the company is now estimated at N1.47 trillion, reinforcing his position as the bank’s biggest individual investor.
Under the Investments and Securities Act and the Securities and Exchange Commission’s merger and acquisition regulations, any investor who reaches or exceeds a 30 per cent voting stake in a publicly listed company is required to make a mandatory takeover offer to other shareholders.
The latest investment also follows First HoldCo’s emergence as Nigeria’s most valuable banking stock by market capitalisation after surpassing Zenith Bank during a sustained rally on the Nigerian Exchange.
More details to follow.
