By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – United Bank for Africa Plc (UBA) Thursday announced that its closure date for shareholders whose names appear on the Bank’s Register that will attend its forthcoming Court Ordered Meeting is December 12 2011.

This was contained in a notice from the Bank to the Nigerian Stock Exchange (NSE) in Lagos Nigeria and obtained by www.investadvocateng.com.

“The United Bank for Africa Plc has notified The Exchange that it’s Register will close from December 02 – December 12 2011.

 This closure of register is for the purpose of determining the shareholders that will attend the forthcoming Court-Ordered Meeting scheduled to hold on Thursday, December 29, 2011 at the Lagoon Restaurant, Ozumba Mbadiwe Street, Victoria Island, Lagos at 10.00 a.m” the notice said.

This is coming on the heels of a Report Thursday by Reuters that UBA will seek shareholders’ approval to transfer its subsidiaries into a newly-formed holding company, in line with Central Bank of Nigeria’s (CBN’s) directive that Banks must divest their holdings from its subsidiaries.

According to the Reuters report, the Bank is seeking to transfer all its subsidiaries into an holding company; UBA Holdings Plc in line with regulatory directive and still sustain value for its shareholders.

The Report affirms that under the new structure, 40 percent (40%) of the present UBA group will be transferred to the holding company, which will be listed sometime next year, while the Bank will retain 60% of its present form and operate as a subsidiary of the holding company.

Shareholders of the Bank had at an Annual General Meeting (AGM) held November in Lagos Nigeria passed a Resolution for the Bank to increase its Authorised Share Capital from N17.0 billion to N35 billion.

The also supported the Bank to raise fresh Capital through a Private Placement (PP), Public Offering (PO) and a Rights Issue to help boost its operations by way of lending in infrastructure and Agriculture in the Nigeria.

The Bank is expected to issue 12.7 billion Ordinary Shares by any of the above Capital raising ways at an offer price to be determined by its Board of Directors (BOD).