By InvestAdvocate

Lagos (INVESTADVOCATE)-Africa’s global bank, United Bank for Africa Plc (UBA) said on Friday it has reduced its rights issue price from N4.00 to N3.50 on the basis of One (1) ordinary share for every Ten (10) shares held, the lender said in an issuer’s announcement with the Nigerian Stock  Exchange (NSE).

In the same vein, UBA said it has received approval from the Securities and Exchange Commission (SEC) for the offer period to be extended by one week from Thursday, 5 February 2015 to Thursday 12 February 2015.

UBA is the second issuer that has reduced its rights issue price in recent times coming after oil marketer, Oando Plc reduced its offer price from N22.00 to N16.50.

Nigeria’s tier one lender, UBA on December 29, 2014 opened its rights issue at N4.00 per share offered 3,298,138,756 ordinary shares of 50 kobo each.