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Abbey Mortgage Bank signs Right Issue

December 14, 2020 was another historic milestone in the lifecycle of Abbey Mortgage with the signing ceremony of Rights Issue of 3,692,307,692.

The event had the Managing Director/CEO of Abbey Mortgage Bank Plc (Issuer), Mr. Madu Hamman, the Managing Director of Kairos Capital Limited (Issuing House), Mr. Sam Chidoka and other top executives from Abbey Mortgage Bank Plc and VFD Group present for the signing of the rights issue of 3,692,307,692 ordinary shares of 50 kobo each at N0.82 per share at the bank’s head office in Lagos, yesterday.

The recapitalization is being undertaken as part of the long-term strategic plan to strengthen the position of Abbey, which will put the Company in a good position to harness the opportunities in the financial services sector as economic activities continue to improve with the heightened need of banking products and services in the country.

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The total offer is expected to raise 3,692,307,692 through the issuance of new shares made up of N0.50 kobo each at N0.82 kobo per share. Specifically, the expected net proceeds of the offer shall be used to expand the Company’s core business which is lending for mortgages, construction finance and SME lending. Also, the fresh capital will help strengthen our capital base to support business growth, deepen capital resources to selectively exploit value creation opportunities in the financial markets and support enlarged operations and broaden relationship management capabilities.

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