Shareholders of UBA Capital Plc yesterday changed the name of the company to United Capital Plc at an extra-ordinary general meeting (EGM) in Lagos. They also auhorised to directors to halt the expansion of company across Africa.
UBA Capital, was formerly a subsidiary of UBA Plc and became a separate company following the Central Bank of Nigeria (CBN)’s directive that all banks should divest from non-commercial banking activities. UBA Plc in compliance with that directive transferred its 100 per cent holding in UBA Capital to the shareholders of the bank.
UBA Capital was then listed on the Nigerian Stock Exchange (NSE) January 2013 as a separate and independent company that has five operating and unique businesses focused on investment banking, asset management, securities, trusteeship and life insurance.
However, as part of strategies to consolidate its independence and reflect its separate identity from UBA, the board of directors of the company requested that its name be changed.
Consequently, shareholders of the company voted in support of resolution and the name has been changed to United Capital Plc.
The shareholders also passed a resolution that on the recommendation of the directors that in view of the health concerns in some parts of Africa and subject to obtaining the requisite approvals and amendments by the Securities and Exchange Commission (SEC) and other regulators, the board of directors be authorised to discontinue with business expansion across Africa as approved in the Rights Issue circular of 2013.
They approved that the funds be transfer N402 million of proceeds from a rights offer meant for the expansion into the Nigerian infrastructure projects and working capital instead.
