Primrose Investment injects N70.2m in additional FCMB shares

By Kayode Tokede

Primrose Investment Limited, a real estate   and property development company, has announced the purchase of additional 22 million units of FCMB Group Plc shares worth N70.22 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and sent to the Nigerian Exchange Group Limited (NGX).

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 22,000,000 units of FCMB shares at an average price of N3.1917 per share. This puts the total consideration for the shares purchased at N70, 217,400.

It is pertinent to note that the deal took place in three tranches on 24th, 28th and 29th of June, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

In the first tranche, 500,000 units of the firm’s share were purchased at N3.0956 per share, grossing N1, 547,800.

Another 500,000 units were purchased at N3.1 in the second tranche, totalling N1, 550,000.

The last tranche recorded the highest deal with the purchase of 21,000,000 units at N3.3796 per share, grossing N70, 971,600.