(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.
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