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(From Vanguard (Nigeria) - AAGM)
Byline: Omoh Gabriel
UNITED Bank for Africa (UBA) offer for subscription and Right Issue of 1,551,000,000 ordinary shares of 50 kobo each worth N54 billion will be opened to existing shareholders and prospective ones on Thursday.
The offer, if fully subscribed, will raise the bank's shareholders' funds from its present N48 billion to N102 billion. The offer, if over subscribed by N20 billion, will raise the bank's shareholders to N122 billion which will make the bank the first to hit the $1billion minimum capital base required by the Central Bank (CBN) to manage part of the nation's foreign reserves.