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Published On: Thu, Oct 23rd, 2014

NSE lists Unity Bank 78.4bn supplementary shares

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unity bankFrom Ngozi Onyeakusi, Lagos

Unity Bank Plc yesterday listed a supplementary shares of 78.45 billion ordinary shares of 50 kobo on the Nigerian Stock Exchange (NSE) following a success right issue and special placement exercise.

The listing brought the total outstanding share in issue of the bank to 116.90 billion ordinary shares of 50 kobo consequently, leading to the bank embarking on share reconstruction soon.

Speaking at the bank’s ringing bell on the NSE, the managing director/CEO, Mr. Henry James Semenitari, said “today supplementary listing of the bank’s shares on the NSE follows the successful completion of its right issue and special placement, which was oversubscribed.”

According to him, in order to accelerate expansion and increase the market price of share of shareholders, the bank had sourced for funds from its existing shareholders.

He pointed out that the funds would be used for branch expansion, investing in human capital, and the development of Information Technology.

Semenitari added that this is a good step in the history of the bank, adding that with the support of the stockbroking community the bank would moved from being a penny stock to a pound stock.

He stated that the bank would embark on share reconstruction, considering the number in the share in issue in adding value to the investment of the shareholders.

Speaking also, the Managing Director of APT securities and Funds Limited, Mr. Garuba Kurfi said, “the bank has a bright future looking at the third quarter result recently released.”

“With the capital raise and the debt recovering undergoing by the bank, and with the bank’s result so far, the bank may likely reward its shareholder in the next two years,” he noted. In June, 2014, Unity Bank plc raised about N39.2 billion which comes from Rights Issue of 38.45ordinary shares of 50 kobo each at 50 kobo per share and private placement of 40 billion ordinary shares of 50 kobo each at 50kobo per share.

 

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