The Securities and Exchange Commission (SEC) has approved the allotment of result for the special placing of shares by Wema Bank Plc to raise N40 billion from the capital market.
The bank said SEC approved the 26,667,123,333 ordinary shares of 50 kobo each valued at N40,000,684,999.50 that were allotted to successful institutional and private investors at N1.50 per share in two tranches. The bank before now has an equity of N1.7billion which includes negative revenue reserves of N4.6billion after setting off N35.3billion in revenue reserve against share premium of N24.7billion.
