Otedola Boosts Stake In FirstHoldCo With N2bn Share Purchase

The chairman of First Holdco Plc, Femi Otedola, has increased his stake in the company by acquiring additional shares worth N2.01 billion.

According to Nigerian Exchange Limited (NGX) filings, Otedola on September 23 bought 39.313 million shares at N31 per share; deal valued at N1.21 billion.

Also the same day and at the same price of N31 per share, Calvados Global Services Limited, a company related to Otedola, acquired 25.565 million ordinary shares worth N792.5 million.

The billionaire’s direct shareholding has now risen to 3.251 billion units (7.77 percent ) following the latest acquisitions, while his indirect holdings now stand at 3.491 billion units (8.34 percent).

FirstHoldCo shares had reached a 52-week high of N37.5 per share as against a 52-week low of N23.05.

Otedola’s new stake holdings comes almost three months after Oba Otudeko, the founder of Barbican Capital Limited and chairman of Honeywell Group, and Tunde Hassan-Odukale, group managing director of Leadway Assurance, sold over 10 billion shares held in First HoldCo.

Meanwhile, the Nigerian equities market yesterday broke the week’s bearish trend with a gain of N280 billion.

The All Share Index (ASI) gained by 432.94 points, representing a growth of 0.31 per cent to close at 141,149.04 points. Accordingly, market capitalisation rose by N280 billion to close at N89.343 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Oando, Stanbic IBTC Holdings, Dangote Sugar Refinery, MeCure Industries and Guaranty Trust Holding Company (GTCO).

MeCure Industries recorded the highest price gain of 9.89 per cent to close at N26.10, per share. Oando followed with a gain of 9.59 per cent to close at N49.00, while McNichols rose by 9.31 per cent to close at N3.64, per share.

Chams Holding Company went up by 9.24 per cent to close at N3.43, while Legend Internet appreciated by 9.18 per cent to close at N5.35, per share.

On the other hand, Eterna led the losers’ chart by 10 per cent, to close at N27.90, per share. Sovereign Trust Insurance followed with a decline of 4.84 per cent to close at N2.95, while The Initiates Plc (TIP) declined by 3.84 per cent to close at N12.02, per share.

Caverton Offshore Support Group depreciated by 3.76 per cent to close at N6.40 and Fidson Healthcare declined by 3.72 per cent to close at N41.40, per share.

The total volume traded advanced by 1,137.15 per cent to 5.475 million units, valued at N419.730 billion, and exchanged in 20,399 deals. Transactions in the shares of Unity Bank topped the activity chart with 4.001 billion shares valued at N12.724 billion. Aradel Holdings followed with 693.251 million shares worth N388.205 billion, while Consolidated Hallmark Holdings traded 333.206 million shares valued at N1.255 billion.

Sterling Financial Holdings Company traded 104.906 million shares valued at N771.830 million, while Zenith Bank sold 45.527 million shares worth N3.144 billion.