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United Bank for Africa Plc Announces Two Spin-offs with Initial Public Offering as Part of General Reorganization-All Africa

Monday, 14 Jan 2013 02:06am EST 

All Africa reported that United Bank for Africa Plc announced the spin-off of its two subsidiaries: UBA Capital PLC and Africa Prudential Registrars Plc with effect as from January 11, 2013, in line with the directive of the Central Bank of Nigeria. Accordingly, the Company announced that The Nigerian Stock Exchange (NSE) admitted NGN 6.23 billion shares of UBA Capital PLC and Africa Prudential Registrars Plc in NSE's daily official list. Specifically, a total of four billion shares of UBA Capital PLC, amounting to NGN 4.64 billion were listed at NGN 1.16, while one billion shares of Africa Prudential Registrars Plc, which also amounted to NGN 1.59 billion, were listed at NGN 1.59 per share. Finally, the Company announced that the simultaneous listing of the two spun off subsidiaries on the NSE is sequel to the adoption of a monoline commercial banking structure by United Bank for Africa Plc, as approved by shareholders of the Company on December 13, 2012. 

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