The Nigerian Stock Exchange (NSE) has listed the shares of UBA Capital Plc and Africa Prudential Registrars Plc, two companies that were spun-off from United Bank for Africa (UBA) Plc Group in line with the directive of the Central Bank of Nigeria (CBN).
Specifically, a total of 4 billion shares of UBA Capital Plc were listed at N1.16 while 1 billion shares of Africa Prudential Registrars Plc were listed on the NSE at N1.59 per share.
The historic listings of the two firms simultaneously on the NSE is sequel to the adoption of a monoline commercial banking structure by UBA Plc, as approved by shareholders on Thursday, December 13, 2012 which authorised the divestment and spin-off of non-commercial banking businesses of the UBA Group.
The Chief Executive Officer of the NSE, Mr. Oscar Onyema described the listings of the two companies as a milestone in the history of the Nigerian capital market noting that it is coming at the right time especially now that Exchange is enjoying confidence of both local and foreign investors.
Speaking at the event, Mr. RasheedOlaoluwa, Group CEO, UBA Capital Plc harped on the potential synergy that will be derived from the component businesses of UBA Capital which are investment banking, trusteeship, asset management, insurance and stock brokerage. He stated that “our overall strategic intent is to build our various subsidiary businesses to be leaders in their respective markets. We believe this can be achieved over the next 3 – 5 years,” he added.
In the same vein, Peter Ashade, the MD/CEO, Africa Prudential Registrars Plc affirmed that the firm links technology to the attainment of its strategic objectives and is one of the market leaders in its industry in Nigeria . “The company is one of the most profitable in the industry having achieved 100 percent increase in profit before tax between 2010 and 2011, a performance which it expects to surpass in 2012. Our Return on Equity (ROE) continues to improve year-on-year, a clear indication that Management is focused on extracting value from resources and enhancing returns for shareholders”