Union Bank of Nigeria has finalised the process of obtaining approval to delist its shares from Nigerian Exchange Limited (NGX), upon which shareholders of the bank will receive a Scheme Consideration of N7.70 per share.
“Consequent upon the approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court. All shareholders of the bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration,” it said in a notice at the NGX.
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.”
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 led to the application to delist Union Bank of Nigeria Plc from the Nigeria Exchange Limited.
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).