The Nigerian Stock Exchange (NSE) will place a full trading suspension on the shares of United Bank for Africa (UBA) Plc at the stock market from January 2 to 4, 2013 to enable the bank concludes its restructuring process.
Shareholders of the bank recently approved a new commercial banking structure in compliance with the Central Bank of Nigeria (CBN)'s regulation which repealed the universal banking model under which Nigerian banks hitherto operated.
The new structure would enable UBA to divest all non-commercial banking businesses of the Group which are now to be held separately from UBA Plc by the bank's shareholders. Under the new arrangement, the divested non-commercial banking businesses (except Africa Prudential Registrars and Afriland Properties that will be held directly by shareholders) will be consolidated within UBA Capital Plc. Besides UBA Plc, the restructuring will therefore result in the emergence of four separate stand-alone companies namely: UBA Plc; UBA Capital Plc; African Prudential Registrars Plc; and African Properties Plc.
But in order to conclude the restructuring process and issue/deliver certificates to all shareholders, UBA Plc has therefore, requested the NSE that its shares be placed on full suspension (meaning that there will not be trading in the shares) from next Wednesday and Friday.
However, the NSE explained that normal trading in the shares of the bank will resume on Monday, January 7, 2013.
Meanwhile, trading at the stock market resumed on positive note yesterday after the two days break to celebrate Christmas and Boxing Day on Tuesday and Wednesday respectively.
The Nigerian Stock Exchange (NSE) All-Share Index surged by 1.43 per cent to close at N27, 737.69 as investors took advantage of low valuations. Market capitalisation of equities added N125 billion to close at N8.862 trillion.
Twenty-three equities added value as against 12 that depreciated. Dangote Cement Plc led the price gainers with N6.10 to close at N128.00 per share.
Conversely, Forte Oil Plc led the price losers with N0.40 to be at N7.73 per share.
Investors traded 238.14 million shares valued at N1.99 billion 2,464 deals.