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This is contained in a notice signed by Adeyinka Jafojo, Custodian Investment secretary, and sent to the Nigerian Exchange Limited (NGX) on Monday.
According to the statement, approval to proceed with an MTO was granted by the regulatory body on May 18, 2021.
Custodian said the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 ordinary shares of 50 kobo each, at a price of 90 kobo per share.
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“The Qualification Date for the Offer will be May 14, 2021, and Shareholders whose names appear on the Register of Members as of the date, other than UAC of Nigeria Plc and Custodian Investment Plc are eligible to participate,” the statement read.
Sell-offs in Banking, Insurance stocks dips market further by 0.1 per cent Sell-offs in Banking, Insurance stocks dips market further by 0.1 per cent
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Bearish sentiments persist at the Nigerian Exchange Limited (NGX), on Tuesday, amid sell-offs in banking and insurance stocks.
Consequently, the NGX All Share Index (ASI) ended the session 0.08 per cent lower at 38,256.76 basis points, just as the market’s worth closed at N19.94 trillion, having lost N16.07 billion.
Accordingly, Month-to-date and Year-to-Date losses increased to -4.0 per cent and -5.0 per cent, respectively.
Specifically, share prices of tickers such as Guaranty Trust Bank, Lasaco Insurance, FBN Holdings and AIIXo Insurance contributed to the overall negative outing at the local bourse as they declined by 1.21 per cent, 7.14 per cent, 1.38 per cent and 4.96 per cent respectively.
Punch Newspapers
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Published 25 May 2021
The Nigerian stock market extended its decline on Monday as 17 companies saw their share prices decline at the end of trading.
Investors in the market lost N600bn last week as the market capitalisation of equities fell below the N20tn mark.
The Nigerian Exchange Limited All-Share Index and market capitalisation declined by 2.93 per cent to close on Friday at 38,324.07 basis points and N19.98tn respectively.
The ASI fell further by 0.10 per cent on Monday to 38,287.58 basis points while the market capitalisation dropped to N19.96tn.
A total of N141.15 million shares valued at N1.09bn were traded by investors in 3,566 deals on Monday.
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In a statement on Sunday, FMDQ said the bond was approved by the board listings and markets committee of the exchange.
BUA Cement’s series 1 bond becomes the largest ever corporate bond issued in the Nigerian debt capital markets.
FMDQ said the proceeds from the issuance would be used to refinance existing debt obligations of the issuer, finance the issuer’s working capital as well as fund its debt service reserve account.
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Speaking on the series 1 issue, Abdul Samad Rabiu, chairman of BUA Cement, said: “This bond issue – a first by BUA Cement, demonstrates our confidence in the Nigerian debt capital markets as well as continued investor confidence in BUA Cement’s business model, our management team, and long-term strategy, all supported by strong credit ratings.
Goddy Egene
Equities investors have an opportunity to enter the market at good valuation as bears depressed prices further last week.
The market, which had gained N148 billion the previous week, shed N603 billion last week following sell pressure that dominated all trading sessions.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell 2.93 per cent to close at 38,324.07, while market closed lower at N19.975 trillion. Year-to-date the market has declined by 4.8 per cent.
Following the growth recorded two weeks ago, analysts at Cordros Securities had envisaged profit-taking last week. A development that led to the decline in prices of 41 stocks, compared to only 26 stocks that appreciated. And analysts said the lower prices offer investors a good opportunity to enter the market.