By Dipo Olowookere
The application filed by UACN Property Development Company Plc for the listing of its proposed rights issue worth N15.962 billion on the Nigerian Stock Exchange (NSE) has been granted.
In September 2019, the firm had requested for an approval to list the shares on the NSE trading platform through its stockbroker, Stanbic IBTC Stockbrokers Limited.
Business Post gathered that on Tuesday, November 5, 2019, the stock exchange approved the application, paving way for the company to sell the rights issue after getting the final approval from the Securities and Exchange Commission (SEC).
The exercise, which has Stanbic IBTC Capital Limited as the issuing house, is for the issuance of 15,961,574,145 ordinary shares of 50 kobo each at N1.00 per share on the basis of 43 new ordinary shares for every seven ordinary shares held as at September 30, 2019.
Recall that recently, UACN Property was unbundled from its parent company, UAC Nigeria Plc. This ostensibly brought about the proposed raisin of fresh funds from existing shareholders of the firm to carry out some its operations.
UACN Property is a Nigeria-based company, which acquires, develops, sells and manages serviced commercial and residential accommodation, and retail space. The company has business with activities in the sectors, including real estate and hotel management.
Business Post reports that as at the close of transactions on the floor of the local stock exchange last Friday, shares of UACN Property were selling at 97 kobo per unit, the same amount it had traded since November 5, 2019. The previous day, Monday, November 4, 2019, shares of the company were sold at the market at N1.07 per share.
