United Bank for Africa Plc notified The Nigerian Stock Exchange that it has commenced the process of raising Tier 1 Capital by way of a Rights Issue. This is further to the Shareholders and Board resolutions authorising the Bank to raise additional capital by various means, including a Rights Issue.
The Rights Issue, which will be issued to existing shareholders, shall be on the basis of One (1) new ordinary share for every Ten (10) Ordinary shares held as at a date to be communicated and subject to regulatory approval. The Bank will communicate further information on the Proposed Offer to shareholders and other stakeholders in due course upon receipt of regulatory approval.
Source: NSE
