Union Bank to open N50bn rights issue on Wednesday

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Stanley Opara

Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017.

The lender 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, a statement indicated.

It has already commenced a roadshow to sensitise shareholders and at the first event held in Enugu last week, its Chief Executive Officer, Emeka Emuwa, was quoted as saying.

“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,” he added.

Shareholder forums are to be held in Lagos, Port-Harcourt and Abuja this month, according to the bank.

Union Bank announced earlier this month that it had received all necessary regulatory approvals from the Nigerian Stock Exchange and the Securities and Exchange Commission 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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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