Lagos — UBA Capital Plc and African Prudential Registrars Plc were Friday listed on the daily official listed of the Nigerian Stock Exchange (NSE).
This is coming on the heels of the approval of the Securities and Exchange Commission to allow the United Bank for Africa to operate as a commercial bank and shareholders' approval of same.
A breakdown of this shows that a total quantity of 4 billion ordinary shares of 50k each at N1.16 of UBA Capital Plc and a total of 1 billion ordinary shares of 50k each at N1.59 of Africa Prudential Registrars Plc were listed.
The Group Managing Director of UBA, Mr. Phillips Oduoza, confirmed that shareholders of both UBA Capital and Africa Prudential will have the benefit of owning liquid stocks in the two entities following the listing.
The listing of African Prudential Registrars sets a record as the company becomes the first Registrar operating in the Nigerian capital market to list on the Nigerian bourse.
Shareholders of the bank recently approved a new commercial banking structure in compliance with the Central Bank of Nigeria (CBN)'s regulation which scrapped the universal banking model under which Nigerian banks, prior to this time, have operated.
The bank had said the new structure would enable it divest all non-commercial banking businesses of the group which are now to be held separately from UBA Plc by the bank's shareholders.
The new scheme of arrangement stipulates that the divested non-commercial banking businesses (except Africa Prudential Registrars and Afriland Properties that will be held directly by shareholders) would 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.
UBA Capital Plc is the capital market business of UBA, while Africa Prudential Registrars is in-charge of UBA's share- registration business, both will commence business same day after their listing on the exchange.