Market News

UBA Group Opens Up A Ksh 18.5 Billion Rights Issue

BY Soko Directory Team · December 3, 2024 08:12 am

UBA Bank Group has rolled out a rights issue worth 18.5 billion shillings (Under the current exchange rate) targeting to sell at least 6,839,884,274 ordinary shares of 50 kobo each at Ksh 2.75 shillings per share.

The rights issue has been rolled out for all UBA Group’s shareholders across more than 20 countries that the bank operates in. This has opened up a window for ordinary shareholders to increase their shareholding in UBA.

The rights issue offers an exciting opportunity for shareholders to increase their equity in UBA, underscoring the Group’s strategy of inclusive ownership. By opening up this capital-raising initiative to its extensive network of stakeholders, UBA is fostering deeper shareholder engagement and reinforcing confidence in its long-term vision.

“UBA’s Rights Issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders. The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Tony Elumelu, UBA Group’s Chairman said.

Elumelu noted that beyond regulatory compliance, the funds will expand the Group’s lending capacity, invest in digital infrastructure, support sustainable business practices, and expand the Group’s African operations.

Elumelu emphasized that the funds raised through this initiative will go beyond fulfilling regulatory requirements. The capital injection will bolster the bank’s lending capacity, enabling it to better serve its diverse clientele across retail, commercial, corporate, and institutional banking segments. Additionally, a significant portion of the funds will be directed toward enhancing UBA’s digital infrastructure, a move that aligns with the increasing demand for technology-driven banking solutions.

With a unique international presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa and globally, through retail, commercial, corporate, and institutional banking, innovative cross-border payments and remittances, trade finance, and related banking services.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories

Government and Policy Understanding The Revised NTSA Traffic Offenses And Fines: A Guide For Safer Roads Steve Biko Wafula

Government and Policy TSC Releases New Requirements For Deployment Of P1 Teachers To Junior Secondary Getrude Mathayo

Investment Rendeavour Appoints New Board Chairman And Independent Directors Soko Directory Team

Market News Kenya Airways Resumes Trading At The NSE With A Bang, Price Ups 5.7% Standard Investment Bank

Headlines Why Health Insurance Is More Than A Policy—It’s A Promise Soko Directory Team

Market News Kenya Airways Top Gainer At The NSE As Equity Turnover Expands 42% Standard Investment Bank

Market News Kenyan Shilling Holding Forte This Njaanuary Dyer and Blair

Investment Kenyans Felt The Pressure Of Higher Commodity Prices In December Soko Directory Team

Market News Equity Turnover Rises 287% As Kenyan Shilling Slightly Dips Dyer and Blair

Market News Kenya Airways Resumes Trading At The NSE With A Bang, Price Ups 5.7% Standard Investment Bank

Explore Soko Directory

Banking Blogging Commodity Watch Did you know Entertainment Entrepreneur's Corner Feature Government and Policy Headlines Investment Lifestyle Market News Money Opinion Press Releases Stock Watch Technology

Soko Directory Archives

January 2025 (23)

March 2014 (2)

March 2013 (10)
June 2013 (1)