CEM REPORT, FINANCE | Union Bank of Nigeria Plc has declared its intention to delist the bank shares from the Nigerian Exchange (NGX).
In a notice to the bank’s stakeholders and the NGX, Union Bank said upon the approval to delist it shares stakeholders get ₦7.70 per share.
“In compliance with The Nigerian Exchange (“NGX”) Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies our esteemed stakeholders that the Bank 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 ₦7.70 per share.”
According to a statement signed by Somuyiwa Sonubi, the Company’s Secretary, remittance to stakeholders is consequent to approval of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.
Union Bank advised shareholders to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration.
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Recall that in 2022, Titan Trust Bank who had only commenced operations two years ago indicated interest and bought minority stake in Union Bank, paying ₦191.4 billion at ₦7.00 each for 27.34 million units of shares.
