November 15, 2023.Thank you for reading this post, don't forget to subscribe!
Union Bank of Nigeria Plc has notified the investing public about its process of delisting from the Nigerian Exchange (NGX).
The statement by the bank available on the website of NGX stated thus:
In compliance with The Nigerian Exchange (“NGX”) 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.
Consequent upon the approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.
All shareholders of the Bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration.
At the end of 2021, Titan Trust Bank (TTB), promoted by former CBN Deputy Governor, Tunde Lemo got the approval of the CBN to acquire an 89.4% stake in Union Bank of Nigeria.
Six months later, in June 2022, TTB completed the deal to acquire a 93.4% stake in the bank. After completing a takeover of the bank, it was announced in May 2023 that TTB was planning to pay N7 per share to acquire the remaining shares of Union Bank of Nigeria to ensure a 100% total ownership by TTB. (www.naija247news.com).