UBA to raise US$142.50m through Rights Issue

United Bank for Africa (UBA) Plc is raising US$142.5 million through a Rights Issue of 6.84 billion ordinary shares at US$0.021 per share.

Existing shareholders can purchase additional shares in proportion to their holdings, with one new share for every five shares held as of November 5, 2024.

This initiative is part of UBA’s broader US$238.1 million Equity Shelf Programme, aimed at strengthening its capacity to seize growth opportunities and maintain leadership in the banking sector.

The funds will enhance lending, invest in digital infrastructure, and expand operations across Africa.

UBA is also committed to supporting SMEs through its partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat. The bank has won multiple "Bank of the Year" awards across several African countries.