Union Bank of Nigeria has disclosed an upward revision in the acquisition price for minority shareholders’ stakes, adjusting it from N7 per unit to N7.70. According to a statement released on Tuesday by the Company Secretary, Somuyiwa Sonubi, the decision is part of the bank’s progress toward the finalization of its delisting process from the Nigerian Exchange Limited (NGX).
The statement, in compliance with The Nigerian Exchange Rule Book and Amendments to the Listing Rules, conveyed that Union Bank of Nigeria Plc is in the concluding stages of securing approval to delist its shares from NGX. In this regard, the bank informed its stakeholders that upon approval, shareholders would receive a Scheme Consideration of N7.70 per share.
Earlier in May, Titan Trust Bank Limited, the primary investor in Union Bank, had announced intentions to acquire the shares of minority shareholders. In 2022, Titan Trust Bank Limited had acquired the controlling stake in Union Bank, the second-oldest lender in Nigeria.
The statement emphasized that upon approval, the Registrars would promptly disburse the Scheme Consideration to all Bank shareholders in accordance with the decision made during the Court-Ordered Meeting and subsequent sanction by the Federal High Court.
Union Bank, which listed on the NGX (formerly the Lagos Stock Exchange) in January 1970, reported robust financials for the first quarter of 2023. The bank’s profit after tax surged by 127.6%, reaching N12.6 billion, while non-interest income experienced a substantial quarter-on-quarter growth of 122.7%, totaling N25.6 billion at the end of Q1. This impressive performance was attributed to the trading portfolio’s strength and other income sources like fees and commissions.