[Nigeria] Union Bank’s N50b Rights Issue now open for subscription

Union Bank has announced the subscription period for its N50 billion Rights Issue which commenced on Wednesday, September 20 and will close on October 30, 2017.

Union Bank plans to offer 12.1 billion ordinary shares of 50 kobo each, which will be available at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017.

The Bank has kicked off a roadshow to sensitize shareholders and at the first event held in Enugu last week, Chief Executive Officer, Emeka Emuwa, said;

“With the commencement of the Rights Issue subscription, we have now officially entered a new phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions.”

Shareholder forums will also hold in Lagos, Port-Harcourt and Ibadan this month.

Union Bank announced earlier this month that the Bank had received all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) to launch the Rights Issue.

The Issuing Houses involved in the transaction are Chapel Hill Advisory Partners Limited which is serving as the Lead Issuing House to the Bank; and FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited as Joint Issuing Houses.

www.unionbankng.com