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.
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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.
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