Union Bank of Nigeria to Delist from NGX
Union Bank of Nigeria Plc is preparing to delist from the Nigerian Exchange Group (NGX), bringing an end to its 52-year listing on the exchange.
The delisting was confirmed through a corporate filing published on the Nigerian stock exchange’s website.
As a result of this decision, trading in the shares of Union Bank has been suspended, in accordance with the approval obtained from the Nigerian Exchange Limited.
The suspension, announced by Godstime Iwenekhai, Head of Listings Regulation Department at NGX, took effect on Tuesday, November 14, 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, November 14, 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,” stated Iwenekhai.
In addition to the delisting, Union Bank has revealed plans to consider a payout of N7.70 per share to its shareholders as part of its scheme of consideration.
The details of this scheme will be sent to all shareholders by the registrars following a decision made during the court-ordered meeting and the subsequent approval given by the Federal High Court.
This development follows Union Bank’s announcement in 2022 regarding the completion of the sale of a majority stake to Titan Trust Bank.
Subsequent to the sale’s completion, Titan Trust Bank retired the top management of Union Bank.