Prime Business AfricaOne of the major shareholders of UAC Nigeria Plc, Khalifa Biobaku, has reduced his indirect stake in the company from 5.90 percent to 1.54 percent.
According to an insider dealings report, Biobaku sold 127.49 million shares through his investment company, Dalio Property Development Limited, on Monday, June 30, to take out N4.62 billion from his investment in UAC Nigeria.
Join our WhatsApp ChannelBefore the sell-off by Biobaku, who also serves as a non-executive chairman for UAC Nigeria, he held 172.69 million indirect shares or 5.90 percent, worth N7.06 billion as of June 30, according to Prime Business Africa’s analysis.
He was appointed as chairman on February 5 to replace Daniel Owor Agbor, who resigned on February 7, and holds 35 million indirect shares, worth N1.43 billion.
Analysis showed that Biobaku’s investment in UAC Nigeria has dropped to 45,19 million indirect shares or 1.54 percent, valued at N1.84 billion as of July 2.
Biobaku, alongside Folasope Aiyesimoju, UAC Nigeria’s Group Managing Director (GMD), also represents the interest of Themis Capital and AM&P – both of which hold a combined 657 million units, worth N26.87 billion – on the board of UAC Nigeria.
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