Our reporter
The Nigerian Exchange (NGX) has activated the trading code for United Bank for Africa (UBA) Plc’s highly anticipated Rights Issue, paving the way for shareholders to participate in this capital-raising initiative.
Under the Rights Issue, UBA is offering 6,839,884,274 ordinary shares of 50 kobo each to its existing shareholders at a discounted price of ₦35.00 per share.
The offer follows a 1-for-5 ratio, allowing shareholders to purchase one new share for every five shares held as of November 5, 2024.
Key Details
Issuer: United Bank for Africa Plc
Offer Name: UBA 2024 Rights
Price: ₦35.00 per share
Offer Ratio: 1 new share for every 5 held
Trading Code: RR24UBA
ISIN: NGRR24UBA007
Registrar: PAC Registrars Limited
The Rights Issue opened on November 15, 2024, and will close on December 24, 2024, giving eligible shareholders over a month to take advantage of the discounted offer.
Strategic Opportunity for Shareholders
The Rights Issue provides a cost-effective opportunity for existing investors to boost their equity in UBA, one of Africa’s leading financial institutions. The offer price of ₦35.00 represents a significant discount compared to the bank’s current market valuation, making it an attractive investment proposition.
Action Steps for Shareholders
Eligible shareholders are urged to act promptly to avoid missing out on the offer. They can contact their stockbrokers or the registrar, PAC Registrars Limited, for detailed guidance on subscribing to the offer.
This Rights Issue aligns with UBA’s strategic objectives to bolster its capital base and enhance its financial capacity, positioning the bank for sustainable growth in Nigeria and across its international operations.
Shareholders are encouraged to seize this opportunity to deepen their investment in one of Africa’s most dynamic financial institutions.
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