Business
UACN opens N15.4bn rights issue
UAC of Nigeria (UACN) Plc-Nigeria’s largest conglomerate, has opened application list for subscription to its N15.4 billion rights issue, paving the way for shareholders to pick up their rights in the 138 years old company.
UACN is raising N15.36 billion through a rights issue of 960.43 million ordinary shares of 50 kobo each at N16 per share. The new shares have been pre-allotted to existing shareholders on the basis of one new share for every two shares held as at the close of business on Thursday October 19, 2017.
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The application list opened on Wednesday November 15, 2017 and will close on Friday December 22, 2017. During the offer period, shareholders can pick up their rights fully or partly or elect to trade their rights at the Nigerian Stock Exchange (NSE). UACN is trading at the NSE above the offer price at N18.99 per share.
The board of directors of the conglomerate has stated that it would use the net proceeds of the new equity issue to improve working capital and recapitalise other subsidiaries.
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