• Contact Us
  • About Us
Wednesday, February 1, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
Home Banking

Union Bank to raise N50bn through rights issue

metro by metro
December 7, 2016
in Banking
0
0
SHARES
0
VIEWS
Union Bank
Union Bank

Union Bank of Nigeria Plc got the approval of its shareholders to raise additional share capital up to the sum of N50billion by way of rights issue to its existing shareholders.

The N50billion right issue, subject to the company obtaining all required regulatory approvals, was part of the ordinary resolutions at the company’s Extraordinary General Meeting (EGM) held Wednesday in Lagos.
Union Bank of Nigeria Plc also sought and received the approval of its shareholders as part of its special resolutions to increase the bank’s authorised share capital from N9.511billion to N17.5billion.
The bank’s share price steadied at N4.47kobo at the Nigerian Stock Exchange Wednesday. Its trading information at the local bourse showed the bank’s market capitalization at N75.703billion, while shares outstanding were 16.935billion units.
In attendance at the EGM are the bank’s board of directors led by its chairman Cyril Odu and representatives from Atlas Mara, which owns at least 21 percent stake in Union Bank Nigeria Plc.
Odu recalled that at the bank’s 47th annual general meeting, the bank assured shareholders of the board and management commitment to delivering consistent growth in earnings.
At the EGM, the shareholders authorized that the board of directors of the bank should do all acts and things and to approve, sign and/or execute all documents, appoint such professional parties and advisers, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.

Read Also

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations

Court Orders CBN To Freeze Polaris Bank Account

GTBank Halts  International Transactions On Naira Mastercards, Dec 31

Tags: Union Bank
Previous Post

FG appoints Citi, Stanchard and Stanbic for $1 bln Eurobond

Next Post

FirstBank Partners Eventful to Host the 2nd Edition of Fiesta of Flavours

Related Posts

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations
Banking

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations

January 30, 2023
Court Orders CBN To Freeze Polaris Bank Account
Banking

Court Orders CBN To Freeze Polaris Bank Account

January 13, 2023
GTBank Halts  International Transactions On Naira Mastercards, Dec 31
Banking

GTBank Halts  International Transactions On Naira Mastercards, Dec 31

December 31, 2022
U.S. Banks Warn Of Recession As Inflation Hurts Consumers, Shares Fall
Banking

U.S. Banks Warn Of Recession As Inflation Hurts Consumers, Shares Fall

December 7, 2022
Next Post

FirstBank Partners Eventful to Host the 2nd Edition of Fiesta of Flavours

Naira Redesign: El-Rufai Exonorates Emefiele 

Naira Redesign: El-Rufai Exonorates Emefiele 

February 1, 2023

Safeguarding democracy: why digital transformation of the electoral process is critical

January 31, 2023
CBN

Banks Will Continue To Accept Old Naira Notes After Deadline – Emefiele 

January 31, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version