A Non-Executive Director in United Capital Plc, Mr Emmanuel Nnorom of Vine Foods Limited 2 has purchased additional 1 million units of the firm’s shares worth N5.39 million.
This is according to a notification signed by the firm’s secretary, Leo Okafor and sent to the Nigerian Stock Exchange, as seen by Nairametrics.
The disclosure revealed that the transaction took place on the 25th of January, 2021, with the Director purchasing an additional 1 million units of the firm’s share at N5.39 per share, totalling N5, 390,000.
Nairametrics learnt that there have been increasing numbers of insider transactions recorded by the firm, especially in the last three months. For example, Nairametrics earlier reported that the CEO of the United Capital Plc, Mr Peter Ashade had purchased an additional 6 million units of the firm’s share in the last three months.
The surge in insider transactions might be attributable to the impressive growth in key financial metrics of United Capital Plc. For example, the firm had experienced a 25.90% rise in its gross revenue in its last reported financial statement – Q3, 2020.
Despite recording over 100% decline in other income earning components, the increase in gross earnings was jointly driven by an increase in Investment income, fees and commission income, net trading income and net interest margin.
As at the time of writing this report, Nairametrics learnt that the market capitalization of the firm has so far gained a total of N3.36 billion since the commencement of trading on the 4th of January, 2021. This is largely driven by an 11.34% increase in the share price of the firm.
In case you missed it: Nairametrics had earlier reported that Mr Emmanuel Nnorom purchased a cumulative of 1.755 million units of the firm’s share, spending a total of N7.99 million on the deal.