By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-UBA Capital Plc and African Prudential Registrars Plc Friday listed shares worth N6.3 billion on the Daily Official List (DOL) of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
A breakdown of this shows that a total quantity of 4,000,000,000 Ordinary Shares of 50k each at N1.16 of UBA Capital Plc and a total of 1,000,000,000 Ordinary Shares of 50k each at N1.59 of Africa Prudential Registrars Plc.
This is coming on the heels of the approval by the Quotations Committee of Management of The Exchange, of the Scheme of Arrangement for the Restructuring of United Bank for Africa.
The listing of African Prudential Registrars set a record as the Company became the first Registrar operating in the Nigerian Capital Market (NCM) to list on the Nigerian Bourse.
As earlier reported, shareholders of the bank recently approved a new commercial banking structure in compliance with the Central Bank of Nigeria (CBN)’s regulation which scrapped the universal banking model under which Nigerian banks prior to this time has operated.
The Bank had said the new structure would enable it divest all non-commercial banking businesses of the Group which are now to be held separately from UBA Plc by the bank’s shareholders.
The new scheme of arrangement stipulates that the divested non-commercial banking businesses (except Africa Prudential Registrars and Afriland Properties that will be held directly by shareholders) will be consolidated within UBA Capital Plc. Besides UBA Plc, the restructuring will therefore result in the emergence of four separate stand-alone companies namely: UBA Plc; UBA Capital Plc; African Prudential Registrars Plc; and African Properties Plc.
