Union Bank of Nigeria Plc (UBN) is set to delist its shares from the Nigerian stock market following the acquisition of the minority shareholding by its core shareholder, Titan Trust Bank Limited.
UBN said it received an offer from its core shareholder to acquire the shares of all minority shareholders after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders), by Section 715 of the Companies and Allied Matters Act 2020 (as amended).
Union Bank of Nigeria also notified all stakeholders that the Bank is finalising the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.
Speaking on this development, CEO of Union Bank of Nigeria, Mudassir Amray said, “this move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria. We remain committed to delivering value to our customers, employees and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX) and every other agency and parastatal that were instrumental to achieving this.”
Union Bank of Nigeria was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial and corporate clients.
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