Bloomberg News

UBA of Nigeria to Reduce Share Capital in Restructuring

December 01, 2011

(Updates with closing price in fourth paragraph.)

Dec. 1 (Bloomberg) -- United Bank for Africa Plc, a Nigerian lender with operations in 19 countries, plans to reduce its share capital to 6.5 billion naira ($40.3 million) from 16.2 billion naira in a restructuring.

The share capital will be increased subsequently to 16.2 billion naira by creating 19.4 billion new shares of 50 kobo each, the Lagos-based lender said in a statement published today in Nigerian Thisday newspaper.

Shareholders will vote on the plan at a meeting on Dec. 29, it said.

UBA shares lost 1 percent to 2.53 naira by the 2:30 p.m. close in Lagos. The stock has declined 66 percent this year, compared with a 20 percent decline in the Nigerian Stock Exchange All-Share Index.

--Editors: Dulue Mbachu, Linda Shen

To contact the reporter on this story: Emele Onu in Johannesburg at eonu1@bloomberg.net

To contact the editor responsible for this story: Hilton Shone at hshone@bloomberg.net


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