Zenith Bank Plc has extended the deadline for its ongoing Rights Issue and Public Offer by two weeks, moving the closing date from September 9, 2024, to September 23, 2024.
The extension follows disruptions caused by nationwide protests that began on the offer’s launch date, which have affected business operations and investor mobility across the country.
Launched on August 1, 2024, the Rights Issue and Public Offer were significantly impacted by the protests, which have severely disrupted business activities and transportation, limiting investor participation.
In response, Zenith Bank secured approval from the Securities and Exchange Commission to extend the application period.
The extension is intended to give shareholders and potential investors additional time to engage with the offer despite the ongoing socio-economic unrest.
Zenith Bank’s initiative aims to raise N290 billion in capital to bolster its operations, enhance market presence, and strengthen its balance sheet.
The Rights Issue offers existing shareholders the chance to acquire additional shares at a discounted rate, while the Public Offer invites new investors to join.
The initial deadline of September 9, 2024, was affected by the protests, which presented logistical challenges for investors. The new deadline allows for more comprehensive participation in the offer.
In a related update, Zenith Bank reported a robust financial performance for the second quarter of 2024, with pre-tax profits soaring to N406 billion.
This represents a substantial 370% increase from the N86.8 billion reported in the same period last year, driven by gains in foreign exchange operations.
