Prime Business Africa
Tony Elumelu, the chairman of the United Bank for Africa (UBA), has increased his stake in the financial institution to per cent, according to Prime Business Africa’s analysis.
In a ‘Dealing by insider’ document released by UBA on Monday, June 2, the company revealed that Elumelu bought 1.26 billion shares, valued at N43.91 billion.
Join our WhatsApp ChannelAccording to the breakdown of the share transaction, the investment banker bought 50,000,000 shares in 25 tranches and 17,669,350 shares between May 29 and May 30.
The new share purchase, which he bought directly, increased his direct shareholdings to 1.46 billion shares from 195.12 million shares, and raised his total shareholdings in UBA, which includes indirect shares, to 3.85 billion from 2.58 billion shares.
According to Prime Business Africa’s analysis, this means Elumelu has increased his controlling stake in UBA to 9.39 percent from 6.30 percent as of May 23, when he held 2.58 billion direct and indirect shares.
Aside from the 1.26 billion direct shares, Elumelu holds 302.29 million indirect shares through HH Capital Limited, 1,85 billion indirect shares via Heirs Holdings Limited and 231.08 million shares through Heirs Alliance Limited.
Prime Business Africa had reported on May 28 that Elumelu paid N1.54 billion to acquire 45,03 million shares through Heirs Holdings Limited between May 22 and May 23.
Following the new acquisition, Elumelu now holds a total of N133.77 billion investment in UBA as of June 2, up from N89.78 billion held as of May 28.
Meanwhile, UBA’s share has appreciated marginally by 1.46 percent year-to-date, from N34.20 kobo on January 2 to N34.70 kobo on June 2.
The increase has resulted in UBA’s shareholders recording a combined gain of N20.51 billion and also raised the market valuation of the financial institution from N1.40 trillion to N1.42 trillion – making the lender the third most valuable bank in Nigeria.
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