United Bank for Africa (UBA) Announces Proposed Rights Issue for Shareholders

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Olori Uwem

Active Member
Mar 18, 2024
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United Bank for Africa (UBA) Announces Proposed Rights Issue for Shareholders

On November 5, 2024, United Bank for Africa Plc (UBA) filed an application with the Nigerian Exchange Limited (NGX) to seek approval for a Rights Issue to raise additional capital. The proposal involves offering 6,839,884,274 new ordinary shares at a price of N35.00 per share. Each share has a nominal value of 50 Kobo, and the Rights Issue is on the basis of one new share for every five existing shares held by shareholders.

The Qualification Date for eligibility to participate in the Rights Issue was set as November 5, 2024. Shareholders on record as of this date will have the opportunity to purchase additional shares under this offer. United Capital Securities Limited, acting as UBA’s stockbroker, submitted the application for the issue’s approval and listing on the NGX.

This initiative is part of UBA’s ongoing efforts to strengthen its capital base, allowing the bank to expand operations and meet strategic financial objectives. Trading license holders and investors are encouraged to review this information and take any necessary actions accordingly.