UAC Nigeria Considers N50bn Bond Sale
By Dipo Olowookere
A bond sale worth N50 billion is being considered by the board of UAC Nigeria Plc, though the terms and other parameters about this process have not been concluded yet.
A statement issued by the company disclosed that the bond issuance will happen “based on the investor’s review of the information contained in, and incorporated by reference into, the shelf prospectus and pricing supplement to be published; and after due consultation with its stockbroker, solicitor, accountant, banker or independent investment adviser.”
It further said the “final decision to proceed with the issuance of any series of bonds under the programme will be subject to market conditions, and the specific details of such issuance will be disclosed in the appropriate transaction documents at the relevant time.”
However, it stressed that “potential investors are advised that nothing in this announcement shall constitute an offering of any securities under the programme.”
UAC Nigeria, a company listed on the Nigerian Exchange (NGX) Limited, used to operate the manufacturing, services, logistics and warehousing, agricultural and real estate sectors, but as part of efforts to streamline its operations to its core business, it exited the real estate industry by selling off its stake in UPDC.
Shares of the company depreciated at the market on Friday by 0.88 per cent or 10 kobo to N11.30 per unit from the previous day’s N11.40 per unit, with a total of 884,259 units traded by investors.