Union Bank of Nigeria has declared that minority shareholders’ holdings will now be purchased for N7.70 per unit instead of N7 as it approaches the final stages of its plans to delist from the Nigerian Exchange Limited.
The Punch reported that the lender made this offer, according to a statement signed on Tuesday by Company Secretary, Somuyiwa Sonubi.
The statement said, in part, that “Union Bank of Nigeria Plc is finalizing the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share. This notification is made in compliance with The Nigerian Exchange Rule Book and the Amendments to the Listing Rules.”
The primary investor in Union Bank, Titan Trust Bank Limited, made plans to buy minority owners’ shares public in May.
TitanTrust Bank Limited acquired a majority interest in Union Bank in 2022, making it the second-oldest lender in Nigeria.
According to the statement, the Registrars would send the Scheme Consideration to each and every Bank shareholder after receiving consent, in accordance with the ruling of the Court-Ordered Meeting and the Federal High Court’s subsequent penalty.
In January 1970, Union Bank went public on the NGX, which was formerly the Lagos Stock Exchange.
In the first quarter of 2023, Union Bank revealed that its profit after tax climbed by 126.7 percent to N12.6 billion, while non-interest income surged by 122.7 percent on a quarterly basis to N25.6 billion by the conclusion of the period. This was influenced by the trading portfolio’s success in addition to other revenue streams like commissions and fees.
