Union Bank of Nigeria (UBN) Plc has listed 51.299 million ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE), pushing its total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares.

The supplementary shares arose from the bank’s Long Term Transformation Incentive Plan (LTTIP). Union Bank had secured regulatory approval to sell the new shares worth N291 million to employees under its employee share scheme. The first generation bank sold about 51.3 million ordinary shares of 50 kobo each at N5.67 under the LTTIP.

Union Bank had on Monday October 30, 2017 closed application list for its N50 billion rights issue. Application list for the rights issue had opened on September 20, 2017.Union Bank sought to raise N49.745 billion from existing shareholders through the rights issue of 12.133 billion ordinary shares of 50 kobo each at N4.10 per share. The rights issue was pre-allotted on the basis of five new ordinary shares of 50 kobo each for every seven ordinary shares held as at the close of business on Monday August 21, 2017.

The net proceeds of the rights issue would be used to enhance the bank’s regulatory capital requirement, increase working capital and grow in strategic areas that correspond to emerging opportunities in Nigeria, enhance technological platforms through strategic investments in technology and digitalisation and optimise customer experience with investments in customer touch points.