UACN N15bn Rights Issue closes Dec 22

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The ongoing United Africa Company Plc (UACN) Rights Issue of 960.5 million ordinary shares of 50 kobo each at the offer price N16 per share on the basis of one new ordinary shares for every two held as at October 19, 2017 will close on December 22, 2017.

The Group Managing Director of UAC of Nigeria Plc, Larry Ephraim Ettah, in a notice signed and released to the Nigerian Stock Exchange (NSE) announced the opening of its Rights Issue of 960.5million ordinary shares for subscription as acceptance list opened on Wednesday, November 15, 2017.

According to the Rights Issue circular released by the company, the company’s target is to raise a total of N15 billion after deducting costs related to the offer.

Details of the offer also revealed that N5 billion will be injected into Grand Cereals Limited as equity, in addition to a N3.5 billion company loan. UACN also intends to allocate N4 billion as working capital support to both Livestock Feeds Plc and Grand Cereals Plc. While N2.5 billion also from the Rights Issue will be reserved for new business development.

UAC of Nigeria is a conglomerate, operating in the food and beverage, real estate, paints and logistics sectors of the economy, through its subsidiaries.

The company was incorporated on April 22, 1931 as a wholly-owned subsidiary of the United Africa Company Limited (a subsidiary of Unilever), which later became UAC International. The Company’s name was changed to United Africa Company (Nigeria) Limited on July 23, 1943, and became UAC of Nigeria PLC in 1991. It was listed on the NSE in 1974.

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