First Bank Restricts Sale of Shares at Stock Exchange

By Modupe Gbadeyanka

The board of FBN Holdings Plc will on Thursday, April 25, 2019, hold a crucial meeting, the company has disclosed.

The main focus of the gathering is to look into the financial statements of the firm for the period ended March 31, 2019.

According to a statement issued by the financial powerhouse, the board of directors of FBN Holdings will use the occasion to approve the first quarter earnings of the firm.

“This is to inform the public and our stakeholders that the board of directors of FBN Holdings Plc will be meeting to consider the Q1 2019 Accounts, on Thursday, April 25, 2019,” the statement said.

As a result of this development, the board has announced the commencement of a closed period, prohibiting the trading of its shares on the NSE by some set of people.

“Consequently, there will be a closed period from Thursday, April 11, 2019, till 24 hours after the accounts are filed with the Nigerian Stock Exchange (NSE), in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015),” the firm stated.

Business Post reports that the restriction will affect directors of FBN Holdings and others who have sensitive information on the company, which might affect the price of its shares at the market.