Categories: Business & Brands

Union Bank Of Nigeria Completes Shareholding Takeover, Delists From Stock Exchange 

In May, 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.

The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market. 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 has notified all esteemed stakeholders that the Bank is finalizing 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.

Commenting on this development, Mudassir Amray, CEO of Union Bank of Nigeria 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 deliver 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.”

 

GLAMTUSH

Recent Posts

Access Bank Retains Title As Nigeria’s Most Valuable Brand For Fourth Consecutive Year

Access Bank has retained its title as Nigeria’s Most Valuable Brand for the fourth consecutive…

26 seconds ago

The Rhythm Of Every Bite: Spotify Powers Gen Z’s Food Moments

Music is the secret ingredient that elevates every meal, setting the rhythm for how we…

1 hour ago

Zoho Launches Ulaa Enterprise: Secure, User-Friendly Browser For Modern Workplaces

Zoho Corporation, a global technology company, has announced Ulaa Enterprise, an enterprise-ready version of its…

2 hours ago

Fidelity Bank CEO’s Share Acquisition Signals Strong Confidence In Tier-One Lender

In a decisive move underscoring unwavering confidence in Fidelity Bank Plc's resilience, Managing Director and…

4 hours ago

Anambra First Lady, Nonye Soludo’s Heart Of Human Kindness Spreading Across State

Anambra First Lady, Nonye Soludo’s heart of human kindness, is spreading across the state.  …

11 hours ago

UTME Resit: JAMB To Release Results Of 379,000 Candidates Wednesday

JAMB is set to release the results of the 379,000 candidates who sat for the…

19 hours ago