CEM REPORT | Abbey Mortgage Bank Plc.: Listing of Additional Shares (Rights Issue of 3,692,307,692 Ordinary Shares of 50 Kobo Each)
Nigerian Exchange has notified Trading License Holders are of additional 3,692,307,692 ordinary shares of Abbey Mortgage Bank Plc. on Wednesday, 16 February 2022 on its Daily Official List.
This is contained in the weekly report of NGX sent to Continental Economy Magazine on Friday.
The additional shares listed on NGX arose from the Company’s Rights Issue at 82 kobo per share on the basis of four (4) new ordinary shares for every seven (7) ordinary shares held as at Friday, 8 October 2020.
With this listing of the additional 3,692,307,692 ordinary shares, the total issued and fully paid-up shares of Abbey Mortgage Bank Plc. has now increased from 6,461,538,462 to 10,153,846,154 ordinary shares of 50 kobo each.
Abbey Mortgage Bank Plc is a Nigerian mortgage bank and housing loans provider. The company was incorporated on August 26, 1991 and licensed to carry on business as a Primary Mortgage Institution by the Central Bank of Nigeria on January 11, 1992. Abbey is the first mortgage bank in Nigeria to be IFRS compliant and have foreign equity investment through Africinvest Capital Partners (Tunisia).
Abbey is a strong brand in the Nigerian mortgage sector, not just offering mortgage services but also retail & investment banking services, to serve as a one-stop-shop for all domestic banking needs. Its strategic partnership with VFD Group has strengthened the bank to offer technology enhanced services to its customers.
The bank commenced with an initial authorized share capital of 5 million naira and currently employs over 140 core staff as well as 87 casual employees at ten branches nationwide with the head office in Victoria Island Lagos. Abbey Mortgage Bank Plc’s professional affiliation/membership include the Mortgage Banking Association of Nigeria, African Union of Housing Finance, and International Union for Housing Finance.
The current share price of Abbey Mortgage Bank Plc (ABBEYBDS) is NGN 1.04. ABBEYBDS closed its last trading day (Friday, February 18, 2022) at 1.04 NGN per share on the Nigerian Stock Exchange (NGX).
Abbey Mortgage Bank is the 118th most traded stock on the Nigerian Stock Exchange over the past three months (Nov 19, 2021 – Feb 18, 2022). ABBEYBDS has traded a total volume of 189,032 shares—in 29 deals—valued at NGN 194,078 over the period, with an average of 3,001 traded shares per session. A volume high of 148,869 was achieved on December 7th for the same period.
Abbey invests in vulnerable children through its school adoption and financing initiatives and the MD/CEO’s role as matron of the Down Syndrome Foundation Nigeria.