The Nigerian Exchange Limited has acknowledged Wema Bank Plc’s Rights Issue of 8.572 billion ordinary shares of 50 kobo each at N4.66 per share to the NGX Daily Official List.
This was disclosed in NGX weekly report.
The extra shares listed on NGX resulted from WEMA’s Rights Issue of 8,572,103,573 ordinary shares of 50 Kobo each at N4.66 per share, which was 99.9% subscribed.
The statement reads “Trading Licence Holders are hereby notified that an additional 8,572,022,765 ordinary shares of 50 Kobo each at N4.66 per share of WEMA Bank Plc (WEMA or the Bank) were on Friday, 12 July 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
“The additional shares listed on NGX arose from WEMA’s Rights Issue of 8,572,103,573 ordinary shares of 50 Kobo each at N4.66 per share (The offer was 99.9% subscribed).”
According to the report, with the listing of the extra 8,572,022,765 ordinary shares, WEMA’s total issued and fully paid-up shares have increased from 12,858,155,360 to 21,430,178,125 ordinary shares worth 50 Kobo each.
Wema Bank recently announced that it has completed the first phase of its recapitalisation process, having received the necessary regulatory clearances for the allotment of its N40 billion rights issue.
This disclosure was made by the Managing Director, Mr Moruf Oseni, disclosed this in a statement made available to pressmen.
Oseni noted that, as a forward-thinking and pioneering bank, the financial institution announced the N40 billion rights offer in December 2023, which was approved by the Central Bank of Nigeria and the Securities and Exchange Commission.
In March, the CBN initiated a recapitalisation scheme that required commercial banks to raise new capital.
Oseni stated “With this remarkable development, Wema Bank has now successfully raised the first tranche of its plan in the minimum requirement laid down by the CBN.
“The bank’s resolve to retain its commercial banking licence with national authorisation and the N40 billion rights issue is a step in that direction.
“Our move to commence our capital raise programme very early demonstrates our push for excellence. And with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”
Wema Bank finished its last trading day on Friday, July 12, 2024, at N6.65 per share on the Nigerian Stock Exchange (NGX), a 0.7% decrease from its previous closing price of N6.70.
