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Union Bank of Nigeria Plc would be delisting from the Nigerian Exchange Group (NGX), 52 years after listing, TheNewsGuru.com (TNG) reports.
Union Bank delisting from the NGX is contained in a corporate filing published on the website of the Nigerian stock exchange.
As a result, trading in the shares of the bank has been suspended in preparation for the delisting of the securities of the bank in line with the approval obtained from Nigerian Exchange Limited.
According to a statement by Godstime Iwenekhai, Head, Listings Regulation Department of NGX, trading in the shares of Union Bank was suspended today, Tuesday, 14 November 2023.
“Trading License Holders and the investing public are hereby notified that trading in the shares of Union Bank of Nigeria Plc (the Bank) was suspended today, Tuesday, 14 November 2023.
“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the delisting of the securities of the Bank in line with the approval obtained from Nigerian Exchange Limited,” the statement by Iwenekhai reads.
Meanwhile, the bank has announced it is considering a payout of N7.70 per share to its shareholders in its scheme of consideration.
According to a filing, signed by Somuyiwa Sonubi, Union Bank’s Company Secretary, the Registrars will send the Scheme Consideration to all the Bank’s shareholders.
It noted that this will follow the decision that will be made during the Court-Ordered Meeting as well as approval given by the Federal High Court.
TNG recalls Union Bank had in 2022 announced completion of sale of majority stake to Titan Trust Bank. Following completion of the sale, Titan Trust Bank retired top management of Union Bank.