Union Bank of Nigeria (UBN) has notified its stakeholders that the bank is finalizing the process of obtaining approval to delist the bank’s shares from NGX. Upon completion, shareholders will receive a Scheme Consideration of N7.70 per share.
In a Tuesday notice to the Nigerian Exchange Limited (NGX), UBN stated that, following the approval, the Registrars would remit the Scheme Consideration to all bank shareholders. This is in accordance with the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.
“All shareholders of the bank are enjoined to ensure that their accounts have been duly mandated for the purpose of receiving the Scheme Consideration,” the notice said.
Commenting on this development, Mudassir Amray, CEO of Union Bank of Nigeria, said, “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer banks in Nigeria. We remain committed to delivering value to our customers, employees, and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX), and every other agency and parastatal that were instrumental in achieving this.”
In May 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market. This development was implemented through a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders), as per Section 715 of the Companies and Allied Matters Act 2020 (as amended).
Established in 1917, the Union Bank of Nigeria is one of Nigeria’s long-standing and most respected financial institutions. It offers a portfolio of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial and corporate clients.
With a robust geographical network comprising more than 300 service centres and over 950 ATMs spread across Nigeria, the bank has remained committed to helping individuals, families, and businesses grow for over a century.
READ ALSO FROM NIGERIAN TRIBUNE
and then