UBA storms primary market
February 27th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Come Thursday March 1, 2007, United Bank for Africa (UBA) would be storming the primary segment of the capital market with a mega hybrid offer, in a bid to raise N54 billion.
The bank hopes to raise the said amount by offering a total of 1.5 billion ordinary shares of 50 kobo each. The breakdown shows that UBA is seeking to raise N14 billion by way of rights and N40 billion from the open market.
The public offer comprising 1.12 billion shares (73% of the offer) of 50 kobo each is being offered at N35 per share, while the rights issue of 1 for 20 will go for N34 per share.
According to the group Managing Director of the bank, Mr. Tony Elumelu, proceeds from the offer would be deployed to fund branch expansion and upgrade, branch roll out, ATM deployment as well as automation of the banks business process.
The bank has over 500 branches, including seven branches in Ghana, an office in the Cayman Islands, a branch in New York and a customer base of about 6 million.
(No Ratings Yet)
Loading ...