Abbey Mortgage Bank Plc, one of the few national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria (CBN) and Federal Mortgage Bank of Nigeria (FMBN), has resolved to raised an additional capital of N2,374,615,384.62 by way of private placement the companies ordinary share.
The resolution which was reached at the Annual General Meeting (AGM) of the Company held recently in Lagos is however subject to regulatory approvals.
The private placement is to allow Abbey Mortgage Bank Plc sells about 42% of the company to VFD Group Plc. The process will increase the authorized share capital of the company from N3.5 billion to N6 billion by creating additional 5 billion shares at 50k each to rank pari-passu with existing share capital.
Other resolution reached at the Company AGM includes:
- The adoption of the Financial statement of December 2018 financial year. Recall that Abbey Mortgage Bank Plc was fine N434.2m by the Nigerian Stock Exchange alongside 35 other companies for failure to file annual returns as at when dues
- Three retiring directors were re-elected and the directors were ordered to fix remunerations and expenses for the Auditor for financial year end 31 December 2019.
- Audit committee were elected and Directors fees were also fixed for 2019 financial year.
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Abbey Mortgage Bank Plc focuses on providing economical housing units for interested home seekers/developers/cooperatives who desire a well-structured mortgage offer. Further to this, the company also keeps customers abreast with financial activities as well as provide high quality customer service.
The company’s housing and mortgage products are available to all Nigerians resident in the country. If you need help finding a property to buy, they can provide advice and assistance in helping in you make the right choice.