UAC of Nigeria (UACN) Plc has announced listing of additional shares on the floor of the Nigerian Stock Exchange (NSE). According to the report obtained from Exchange, 960.43 million ordinary shares of UACN were listed on the daily official list of the Exchange on March 2, 2018.
The Exchange said the additional shares listed arose from UACN rights issue of 960.43 million ordinary shares of 50 kobo each at N16 per share on the basis of one new ordinary shares for every two ordinary shares held as at October 19, 2017.
It added that with this listing of 960.43 million ordinary shares, the total issued and fully paid up shares of UACN has now increased from 1.92 billion to 2.88 billion ordinary shares. The board of directors of the conglomerate has stated that it would use the net proceeds of the new equity issue to improve working capital and recapitalise other subsidiaries.
The chairman of the company, Mr. Dan Agbor, said the additional capital would help UAC to partake in the various right issues being undertaken by its subsidiaries in order to provide them with enough capital to take advantage of emerging opportunities in their various sectors.
He said that already, the right issues through which two of its subsidiaries, UACN Property Development Company, UPDC Plc, and Livestock Feeds Plc, are raising N5.16 billion and N750 million respectively, are at various stages of execution, while Portland Paints and Products Nigeria, PPP, Plc has concluded offer for N1.02 billion.
He stated, “The Board has identified an urgent need to bolster your company’s capital position. This will ensure that your company is able to subscribe for these rights issues and provide its subsidiaries with working capital support in a timely manner, so that the subsidiaries can quickly respond to challenges and take advantage of emerging opportunities.”
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