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Union Bank Plc has said that its capital raising of N50 billion through Right Issue is geared towards expanding the bank’s operation through technology, optimizing its area of strength in Agriculture as well as creating further millage on its outstanding products for the younger segment of the society.
Addressing the Capital Market stakeholders on the Lagos floor of the Nigerian Stock Exchange (NSE), Wednesday, concerning the Bank’s ongoing offer, the CEO, Mr. Emeka Emuwa said operations at the bank has been made simpler and smarter for its customers.
According to him, “This year, the Bank is a hundred years old and we would not be here without all our stakeholders including our shareholders. As we prepare to launch into the future, we launched our N50 billion Rights Issue in order to raise the capital we require to grow the business and position the Bank as one of Nigeria’s leading financial institutions.”
Ade Bajomo, the Executive Director, Market Operations and Technology of the Nigerian Stock Exchange, who represented Oscar Onyema the CEO of the NSE was on hand to receive the Bank’s Management team. While addressing the gathering, he said:
“We are pleased that Union Bank has chosen this platform to inform the market of its N50b Rights Issue. Given that the market is driven by timely, relevant and accurate information, interaction with the market through this forum is very welcome and we encourage the Bank to continue.”
The subscription period for Union Bank’s Rights Issue commenced on Wednesday, September 20 following the Bank’s acquisition of all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC).
During the ongoing offer period which is expected to close on Monday, October 30, 12.1 billion Ordinary shares of 50 kobo each, are available at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017.
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.
Photo Caption:
From Left: Joe Mbulu, Transformation Director, Union Bank of Nigeria Plc; Ade Bajomo, Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE); Emeka Emuwa, Group Managing Director/CEO, Union Bank of Nigeria Plc and Somuyiwa Sonubi, Company Secretary, Union Bank of Nigeria Plc during the Facts Behind the Offer presentation of N50billion Union Bank Rights Issue at the Exchange in Lagos on Wednesday.
