One of Nigeria’s long-lasting financial institutions, Union Bank of Nigeria, has announced its delisting from the Nigerian Stock Exchange (NGX) after 52 years of actively paying shareholders with worthy dividends.
The bank also announced an increase in the price at which the stakes of minority shareholders would be acquired, from N7 per unit to N7.70, the report said.
This was made public by the Company Secretary, Somuyiwa Sonubi, on Tuesday, when the bank offered this as part of its final steps to delist from the Nigerian Exchange Limited.
The statement reads in part,
- In compliance with The Nigerian Exchange Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies our esteemed stakeholders that the Bank is finalizing the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.
Last year, it was also reported that TitanTrust Bank Limited bought the controlling stake in Union Bank, which is the second-oldest lender in Nigeria.
After gaining approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, according to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.
It’s been a long journey since Union Bank have been in the business of paying dividends to shareholder. However, the bank has successfully delisted from the Nigerian Stock Exchange (NGX) since it came on board to the public in 1970.
Read more: https://www.investingport.com/union...-from-ngx-after-52-years-of-paying-dividends/