UPDC lists N16bn rights issue on NSE

UACN Property Development Company Plc has listed N16 billion rights issue of 15.96 billion ordinary shares at N1 per share on the NSE. UACN Property Development Company (UPDC) Plc on Tuesday, listed N16 billion rights issue of 15.96 billion ordinary shares at N1 per share on the Nigerian Stock Exchange (NSE). With the listing, the company became yet another beneficiary of the Exchange’s  commitment to providing continued access to capital even in the face of COVID-19.

Mr Oscar Onyema, NSE’s Chief Executive Officer, speaking at the virtual Closing Gong ceremony to commemorate the listing, commended the company for the successful completion of the rights issue. “We congratulate the management and team at UACN Property Development Company, as well as the professional parties to the issue for the successful completion of the transaction. At the NSE, we prioritise our responsibility to support the development of issuers, dealing member firms and the investing public, and we continue to work assiduously to respond to the needs of our stakeholders at every time.

“We are, therefore, pleased to provide support to UPDC on this successful capital raise, and we remain committed to providing opportunities for trading activities across multiple asset classes – equities, bonds, ETFs,” Onyema said. He said the Exchange would remain focused on leveraging technology and business innovation to sustain full operations during this pandemic. Commenting on the transaction, Mr Folasope Aiyesimoji, UPDC Group Managing Director, lauded the NSE for embracing technology. “I am deeply honoured to virtually sound the Closing Gong at the NSE today. The innovation and forward thinking displayed by the Exchange in harnessing technology to make this possible is truly commendable. 

“We at UPDC are excited about the milestone we have achieved today, and we are confident that the funds raised will further strengthen our capital structure and position us for growth. We count ourselves fortunate to be listed on the NSE which exposes us to a wide pool of investors and funding options. We must also commend the NSE for its efforts in building investor confidence, which has made it possible for us to access this capital. We are grateful for the trust reposed in us by investors and we are keen to get on with the invaluable projects this capital will support,” Aiyesimoji said. (NAN)