Friday, December 28, 2012
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.
Recall that the 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approved a new commercial banking structure in compliance with the Central Bank of Nigeria (CBN)’s regulation which repealed the universal banking model under which Nigerian banks hitherto operated.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.
In order to conclude the restructuring process and issue/deliver certificates to all shareholders, UBA Plc has requested, and the NSE has granted that its shares be placed on full suspension (meaning that there will not be trading in the shares) from next Wednesday to Friday, January 2nd to 4th 2013.
Normal trading in the shares of the bank will resume on Monday, January 7, 2013.