By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s tier one lender, United Bank for Africa Plc (UBA) on Monday opened its proposed rights issue at N4.00 per share, the lender said in an issuer’s announcement with the Nigerian Stock Exchange (NSE).

According to the lender, this is coming on the heels of approval from the Securities and Exchange Commission (SEC) to commence the Rights.

The bank affirmed that offer ratio is one (1) new ordinary share for every ten (10) ordinary shares and qualification date is Wednesday, 15th October 2014.

UBA further affirmed that acceptance lists opened on Monday, 29th December 2014 and would close Thursday, 5th February 2015.

The Africa’s global bank on October 10, 2014, said it has commenced the process of shoring up its tier one capital by way of rights issue.