Union Bank of Nigeria has announced a revised price for the acquisition of minority shareholders’ stakes, increasing it from N7 to N7.70 per unit. The disclosure came in a statement by Company Secretary Somuyiwa Sonubi on Tuesday, revealing the bank’s progression toward the concluding phases of its delisting plans from the Nigerian Exchange Limited.
The statement, citing compliance with the Nigerian Exchange Rule Book and Listing Rules amendments, outlined the bank’s intention to obtain approval for delisting, with shareholders set to receive a scheme consideration of N7.70 per share upon completion. The move aligns with Union Bank’s strategy to streamline its market presence.
In May, Titan Trust Bank Limited, Union Bank’s core investor, announced its intention to acquire the shares of minority shareholders, further consolidating its control after purchasing the controlling stake in Union Bank in 2022. Union Bank, established in 1917, is the second-oldest lender in Nigeria.
Upon regulatory approval, the statement clarified that registrars would disburse the scheme consideration to all bank shareholders, following decisions made in the court-ordered meeting and subsequent court sanction by the Federal High Court.
Having been listed on the NGX (formerly the Lagos Stock Exchange) since January 1970, Union Bank reported robust financial performance in the first quarter of 2023. The bank disclosed a 127.6 percent increase in profit after tax, reaching N12.6 billion, while non-interest income experienced a 122.7 percent quarter-on-quarter surge to N25.6 billion. The positive results were attributed to the stellar performance of the trading portfolio and increased income from fees and commissions.