Union Bank N50bn Rights Issue opens

The subscription for N50 billion Rights Issue by Union Bank of Nigeria Plc commenced yesterday Wednesday September 20 and will close on Monday, October 30, 2017.

Union Bank is offering 12.1 billion ordinary shares of 50 kobo each at N4.10 per share on the basis of five new shares for every seven (5 for 7) shares held as at August 21, 2017.

“With the commencement of the Rights Issue subscription, we have now officially entered a new phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions,” said the bank’s Chief Executive Officer, Emeka Emuwa.

Following a roadshow held in Enugu last week, the bank plans shareholder forums which will hold in Lagos, Port-Harcourt and Abuja this month.

The commencement of the Rights Issue comes on the heels of all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC).

Chapel Hill Advisory Partners Limited is Lead Issuing House to the Rights Issue; while FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited are Joint Issuing Houses.