Femi Otedola buys N77.6bn worth of First HoldCo shares to raise stake to 21.96%

By Peter Egwuatu Chairman of First HoldCo Plc, Femi Otedola, increased his shareholding in the company to 21.96 per cent yesterday with acquisition of an additional 706.13 million shares valued at N77.58 billion. This was disclosed in a filing obtained from the Nigerian Exchange (NGX), as the latest acquisition raised the volume of shares under his […] The post Femi Otedola raises First HoldCo stake to 21.96% worth N77.6bn appeared first on Vanguard News.

The latest share purchase puts him roughly one per cent away from catching up with RC Investment, the bridge holder currently holding the largest stake (22.94 per cent) in the company. The post Otedola buys N77.6 billion-worth of First HoldCo shares, taking stake near 22% appeared first on Premium Times Nigeria.

 Femi Otedola, the chairman of First HoldCo, has increased his shareholding in the financial institution to 21.96 percent stake.   According to a statement on share dealing by an insider obtained from the Nigerian Exchange (NGX) on Wednesday, Otedola acquired 706.13 million shares to raise his stake from 20.42 percent on Wednesday.   The transaction, valued at N77.58 billion, increased the volume of First HoldCo shares Otedola holds, from 9.28 billion to 9.99 billion shares.   Following the recent acquisition, made through his investment vehicle, Calvados Global Services Limited, Otedola’s total investment in First HoldCo is now worth N1.04 trillion, compared to the N566.43 billion his shares were valued on June 18.     Last month, the investor acquired 680 million shares in the financial institution through a private placement, at a cost of N29.6 billion.

The latest acquisition raised Otedola’s stake from 20.42 per cent to 21.96 per cent, increasing the volume of shares under his control from 9.28 billion to 9.99 billion. The post Femi Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase appeared first on Vanguard News.