(NIGERIA) United Bank for Africa Plc (UBA) Rights Issue which opened on Monday December 29, 2014 at N4.00 per share is scheduled to close on Thursday February 5, 2015.
The Rights Issue offer ratio is one new Ordinary Share for every ten Ordinary Shares held by its existing shareholders. The bank in a statement said it has already notified the Nigerian Stock Exchange (NSE) that it has received the approval of the Securities and Exchange Commission (SEC) to open its Rights Issue as stated above.
Confirming the approval, Communications adviser to SEC Director-General, Mr. Obi Adindu said, “SEC has approved the proposed Rights Issue of N13 billion for existing shareholders of UBA Plc.
Adindu said that the commission also approved UBA’s application for a bond issue that would commence at a later date. He said that the approval was granted because the bank satisfied all regulatory processes.
A breakdown of the rights issue showed that it would be one new share for every 10 shares held by existing shareholders at N4 per share.
The bank had in October announced plans to raise Tier one, Capital by way of a rights issue to boost its diversification strategies across Africa.
Prior to SEC’s approval, the bank’s secretary, Mr Bili Odum, in a statement signed by the bank said the bank had the approval of shareholders and board resolutions to raise additional capital.
The proceeds of the offer, according to the bank, will boost UBA’s highly diversified businesses across Africa.
See http://www.mynewswatchtimesng.com/uba-rights-issue-closes-february-5/#respond
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