May 22 (Lagos) - Shareholders of First City Monument Bank Plc have approved the plans by the bank to establish its holding company, in compliance with the Central Bank of Nigeria’s regulation on the scope of banking activities and ancillary matters.

The shareholders, who gave their approval at the bank’s 29th Annual General Meeting in Lagos on Monday, also approved a bonus issue of three shares for every 20 shares held by every shareholder whose name appeared in the Register of Members at the close of business on Friday, April 27, 2012.

The company’s Board of Directors had recommended the bonus issue through the creation of an additional 2.4 billion units of ordinary shares. This would be done by means of the capitalisation of N1.2bn from the share premium account instead of a cash dividend to investors.

Speaking at the meeting, the Chairman of the bank, Dr. Jonathan Long, said that the recommendation of bonus issue was made in order to demonstrate the appreciation of the board and management to the bank’s shareholders for their continued confidence, commitment and support.