By Goddy Egene
Custodian Investment Plc is to make a mandatory takeover offer (MTO) to minority shares of UACN Property Development Company Plc (UPDC) following the approval given by the Securities and Exchange Commission (SEC) dated May 18, 2021.
In notification to the Nigerian Exchange Limited (NGX) yesterday, Custodian Investment Plc said following the approval, it had been authorised to proceed with the MTO to be made to minority shareholders of UPDC for the purchase of up to 34,415,332 ordinary shares of 50 kobo shares at 90 kobo per share.
Custodian Investment had last year completed acquisition of the 51 per cent majority equity stake in UPDC) Plc from UAC of Nigeria Plc.
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Mary Nnah
The birth of the Nigerian Exchange Group (NGX) from what was hitherto known as the Nigerian Stock Exchange (NSE) has brought Nigeria to par with the global best practice.
Through what has been an eventful history, the Exchange, under Mr. Oscar Onyema, its GCEO, has eventually succeeded, despite all odds, in joining the global league of demutualised exchanges.
Scheduled to be launched soon, it has been a long journey from when the idea was first mooted to its achievement through the passage of the Demutualisation Act by the Nigerian National Assembly, and approvals by both the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).