• Monday, July 15, 2024
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UACN property advances on one for four bonus


UACN Property Development Co. rose to the highest in almost four years as the Nigerian real-estate developer announced it will pay dividends and a stocks bonus.

The shares jumped 10 percent to 23.03 naira by 2:48p.m., in Lagos, on Tuesday the strongest level since May 2010. Trading volume was about 3.8 times the three-month daily average.

Lagos-based UACN Property will pay one bonus share for every four held as well as a dividend of 70 kobo per share, it said in a filing to the Nigerian Stock Exchange.

The stock has climbed 21 percent this year, compared with a 7.1 percent fall in the benchmark Nigerian Stock Exchange All Share Index. The company’s profit  for the nine months through September rose to 1.9 billion naira ($11.5 million) from 800 million naira, it said Oct. 23.

“The bonus is rare,” David Adonri, the chief executive officer of Lagos-based Lambeth Trust and Investment Co., said. “It is motivating investors to take position” before the May 12 qualifying deadline for the bonus, he said.

The property developer last paid a bonus in 2010, issuing one share for every four held, according to the 2012 annual report published on its website.