15 Jan 2018 07:57
15 January 2018
Atlas Mara Increases Stake in Union Bank of Nigeria to 48.0%
Atlas Mara Limited ("Atlas Mara" or the "Company") announces that, following completion of the previously announced rights offering in Union Bank of Nigeria ("UBN"), Atlas Mara's aggregate direct and indirect shareholding in UBN has increased from 44.5% to 48.0%. UBN completed a 49.7 billion Naira (approximately USD$163 million) rights offering on the Nigerian Stock Exchange at a price of 4.10 Naira per share. Atlas Mara fully subscribed to the rights related to its pre-existing 44.5% shareholding, and acquired through the rights issue, additional shares representing a 3.5% shareholding, at a combined cost of $75 million.
Bob Diamond, Chairman of the Board of Atlas Mara said: "We are very pleased to have increased our stake in UBN at a time when leading indicators for Nigeria's macroeconomic performance continue to show improvement. We remain tremendously excited about the prospects for UBN and committed to building a premier financial services platform in Africa."
Contact Details
InvestorsKojo Dufu, +1 212 883 4330
MediaTeneo Blue Rubicon, +44 (20) 7260 2700Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial services institution listed on the London Stock Exchange. Its vision is to create sub-Saharan Africa's premier financial services institution through organic and inorganic growth by combining the best of global institutional knowledge with extensive local insights. With a presence in seven sub-Saharan Africa countries, Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, excellent customer service and accelerate financial inclusion in the countries in which the Company operates. For more information, visit www.atlasmara.com.