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UNITED Bank for Africa Plc (UBA Plc) has begun the process of raising Tier 1 Capital by way of a rights issue.
In a public announcement signed by Company Secretary, Mr Bili Odum and published at the weekend, the bank said it had the approval of its shareholders, as well as Board Resolutions authorising it to raise additional capital by various means, including a rights issue which will commence at a future date.
The bank also stated that the rights issue would be on the basis of one (1) new ordinary share for every 10 ordinary shares held as of a date to be communicated to shareholders and subject to regulatory approval.
The proceeds of the offer will boost UBA鈥檚 highly diversified businesses across Africa. (UBA) Plc, with operations in 19 African countries, including Nigeria, has offices in New York, and Paris, and a subsidiary in London providing broad-based banking services to over 10 million customers globally.
UBA offers a bouquet of banking services and products designed to meet the specific banking needs of its diverse multi-cultural and multi-lingual customer base in the three uniquely different continents.
In the last few years, UBA has been consolidating its operations across the African continent while focusing on the fast emerging growth opportunities in key sectors and economies in its countries of operations across Africa. It has emerged as a major player in key sectors of the African economy including; oil and gas, agriculture, infrastructure, telecoms, manufacturing and the power sector. Specifically, UBA played a significant role in the privatisation of Nigeria鈥檚 power assets.
UBA has also expanded its play in new areas with significant earning potential especially in the e-banking space where it has emerged as a leading player in offering cutting edge e-banking products to its more than 10 million customers globally. The bank鈥檚 continuous investment in IT is expected to significantly lower its cost of operations over time.
In the latest researched article published by highly respected UK published Financial Times, the paper had stated that 鈥淎s of October 03, 2014, the consensus forecast amongst 25 polled investment analysts covering United Bank for Africa advises that the company will outperform the market.鈥? 鈥淭he 14 analysts offering 12 month price targets for United Bank for Africa have a median target of N9.50, with a high estimate of 11.81 and a low estimate of 5.00. The median estimate represents a 45.71% increase from the last price of 6.52.鈥?
Analysts believe the rights issue will give UBA shareholders an opportunity to buy UBA shares at a discount with significant headroom for capital gains in future.Related Articles:
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