Union Bank to launch N50bn rights issue Wednesday

Union Bank to launch N50bn rights issue Wednesday

Union Bank of Nigeria (UBN) Plc has concluded arrangements to float its N50 billion rights issue on Wednesday. Application list for the rights issue will open on September 20, 2017 and run through to close on Monday, October 30, 2017.

Union Bank 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. The bank has kicked off a roadshow to sensitize shareholders.

Read also: Union Bank gets SEC’s approval to raise N50bn new capital

Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Emeka Emuwa, said that with the commencement of the rights issue subscription, the bank has now officially entered a new phase.

Shareholder forums will also hold in Lagos, Port-Harcourt and Abuja this month.

Union Bank had announced earlier this month that it had received all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) to launch the rights issue.

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