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.