Article Summary
- The acquisition of 70 million shares represents 0.2% of the company’s total outstanding shares of the company.
- Elumelu’s indirect holdings now stand at 2,255,934,184 units of shares from 2,185,934,184 as of December 31, 2022, while his direct holdings remained at 194,669,555 units of shares.
- UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8% gain over its previous closing price of N8.25.
HH Capital Limited, a Company founded by the Board Chairman of UBA Plc Mr. Tony Elumelu has acquired additional 70 million shares worth N560 million in the company.
This was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited obtained by Nairametrics.
The acquisition of 70 million shares represents 0.2% of the company’s total outstanding shares of the company.
With the acquisition, HH Capital has increased its number of shares from 140,843,816 units of shares as of December 31, 2022, to N210,843,816 units.
What this means
Elumelu’s indirect holdings now stand at 2,255,934,184 units of shares, from 2,185,934,184 as of December 31, 2022, while his direct holdings remained at 194,669,555 units of shares.
The notice signed by Bili A. Odum, Group Company Secretary/Legal Counsel indicated that HH Capital Limited on May 9th, 2023 purchased 70,000,000 units of UBA Plc at N8.00 per share valued at N560 million.
According to details of the transactions made available by NGX Limited, Elumelu owns the investment as an indirect shareholding through HH Capital Limited.
Elumelu who remained the Pan African bank’s single largest shareholder, now accounts for about 7.16% of its total shareholding structure.
UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8% gain over its previous closing price of N8.25. United Bank for Africa began the year with a share price of N7.60 and has since gained 10.5% on the price valuation.
What you should know
United Bank for Africa says that it recorded N201 billion profit before tax in its 2022 financial period.
The bank disclosed this in a statement on its audited financial results for the full year ended December 31, 2022.
It said that:
- “Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2% growth, to close the year under review at N200.8 billion, rising from N153.01bn recorded at the end of the 2021 financial year; while profit after tax grew by 43.5% to N170.2bn in 2022, compared to N118.7 billion recorded the year before.
- “Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as of December 2022, achieving an impressive growth by 14.6%, compared to the prior year.”
The gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2% growth.
The bank’s total assets rose by 27.2%, crossing the N10tn mark, to close at N10.9tn in December 2022; up from N8.5 trillion in 2021.
