BREAKING: Femi Otedola acquires 680 million First Holdco shares, stake reaches 20.42%
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has acquired approximately 680 million shares in the company through its recently concluded private placement, giving him a 20.42% stake in the financial institution.
According to a private placement allotment document seen by Nairametrics, Otedola was allotted 672.9 million shares valued at approximately N29.6 billion. The acquisition further strengthens his position as the largest shareholder in the financial services group.
Investors in the private placement subscribed at N44 per share, representing a significant discount to First HoldCo’s closing market price of N60.50 per share. The stock has traded between a low of about N49 and a high of N83 so far this year.
Nairametrics understands that another tranche of the private placement is being planned and could be offered at a price close to the N44 per share paid by investors in the completed round.
