Union Bank Delists Shares From Stock Market At Last

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Union Bank of Nigeria (UBN) Plc, on Monday delisted its shares from the Nigerian stock market to complete a process of reversion to a private limited liability company, ending more than five decades of trading at the stock market.

A circular indicated that the entire issued share capital of UBN was delisted from the Nigerian Exchange (NGX). The delisting of the 54-year old first generation bank reduced the market capitalisation of the NGX by N193.65 billion. Incorporated in May 1969,

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UBN, one of the oldest listed companies on the NGX, was listed in January 1970 and it has been one of the active stocks in the highly influential banking sub-sector. The banking sub-sector is the most influential group at the stock market, in terms of key indicators of capitalisation and activity.

The circular indicated that the delisting of UBN from the Daily Official List of the NGX, the official record of all listed companies and securities at Nigeria’s main exchange, followed the “approval of the bank’s application to delist its entire issued share capital” from the NGX.

 

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