Royal Exchange Plc has received shareholders’ approval to raise N2.7 billion through a Public Offer, marking a significant step in the company’s drive to strengthen its capital base for bigger market opportunities.
The approvals were granted during the company’s Extraordinary General Meeting (EGM) held in Lagos, where shareholders endorsed a series of resolutions aimed at positioning the financial services group for long-term growth and improved competitiveness.
At the meeting, shareholders approved the proposed N2.7 billion Public Offer, which the company said would bolster its capital base and enhance its capacity to pursue strategic business opportunities.
To facilitate the capital raising exercise, shareholders also approved an increase in the company’s share capital, providing the necessary structure for the recapitalisation programme.
In addition, the meeting authorised the Board of Directors to allot new ordinary shares to investors participating in the Public Offer, paving the way for the implementation of the fundraising exercise once all regulatory requirements are met.
Shareholders further approved an amendment to the company’s Memorandum of Association, while empowering the Company Secretary to complete all statutory and regulatory filings required to give effect to the resolutions.
The resolutions underscore Royal Exchange Plc’s commitment to strengthening its financial position in Nigeria’s financial services sector.
The recapitalisation initiative is expected to improve the company’s capacity to undertake larger businesses, expand its market presence, enhance shareholder value and support its long-term growth strategy.
The approvals also position Royal Exchange Plc to proceed with the necessary regulatory processes before launching the Public Offer, as the company seeks to reinforce its balance sheet and capital position.
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