Shareholders Approve Union Bank’s N50bn Rights Issue

union-bank

The shareholders of Union Bank Nigeria Plc have endorsed five resolutions authorising the Board of Directors of the bank to raise up to N50bn through rights issue.

The shareholders gave their approval at an Extraordinary General Meeting of the bank held in Lagos on Wednesday.

In order to accommodate the new shares, the shareholders approved the increase of authorised capital of the bank from N9.5bn (made up of 19 billion ordinary shares) of 50 kobo each to N17.5bn (made up of 35 billion ordinary shares) of 50 kobo each by the creation of additional 16 billion ordinary shares of 50 kobo, each ranking equally with the existing shares of the bank.

Consequently the memorandum and articles of association Consequently, the memorandum and articles of association of the bank will be amended to reflect the increase in the authorised share capital to N17.5bn. Read more