Nigeria: Union Bank's N301 Billion Offers Open Aug 18
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Daily Trust (Abuja)
8 August 2008
Posted to the web 8 August 2008
Kayode Ekundayo
Lagos
Union Bank of Nigeria Plc offers to raise over N301 billion from the stock market will open August 18, according to the company's Group Managing Director Barth Ebong.
The bank's hybrid offers are expected to come in two folds- the right issues of 1,117,650,000 billion ordinary shares of 50 kobo each at N35.00 per share and public offer of 7,300,435,466 billion ordinary shares of 50 kobo each at N36.00 per share.
Speaking in Lagos on Wednesday, the bank chief executive officer said the bank needs the fund in order to meet new challenges that surfaced as a result of the recent consolidation process.
He said the proceed from the offers which is expected to be in excess of over N301 billion would be used to expand the operational activities of the bank including branch network and offshore opening, further upgrading of the bank's ICT facilities to meet the rising needs of the consumers as well as provide robust working capital for the bank.
Ebong explained that the bank has concluded arrangement to diversify into the real sector of the economy particularly in oil and gas, aviation, telecommunication and agriculture while efforts would be gear towards fully implementation of the objectives of transformation programme code named project gear.
He said the essence of the twin offers is to allow both the new and existing shareholders to participate and invest in Union bank adding that those who did that in 2005 are today reaping the benefits
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It would be recalled that in 2005 the bank made similar twin offers of 894,862,222 shares of 50 kobo at one share for every five shares held at N20.00 per share to existing shareholders while 1,105,137,775 ordinary shares of 50 kobo each at N20.00 per share through public subscription to rank pari passu with existing shares.
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