The Nigerian Exchange Limited has admitted Wema Bank Plc’s Rights Issue of 8.572 billion ordinary Shares of 50 Kobo each at N4.66 per Share on the Daily Official List of NGX.
This was contained in the NGX weekly report seen by Nairametrics.
The additional shares listed on NGX arose from WEMA’s Rights Issue of 8,572,103,573 ordinary shares of 50 Kobo each at N4.66 per share, of which the offer was 99.9% subscribed.
The statement reads:
“Trading Licence Holders are hereby notified that an additional 8,572,022,765 ordinary shares of 50 Kobo each at N4.66 per share of WEMA Bank Plc (WEMA or the Bank) were on Friday, 12 July 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
The additional shares listed on NGX arose from WEMA’s Rights Issue of 8,572,103,573 ordinary shares of 50 Kobo each at N4.66 per share (The offer was 99.9% subscribed)”.
According to the report, with the listing of the additional 8,572,022,765 ordinary shares, the total issued and fully paid-up shares of WEMA has now increased from 12,858,155,360 to 21,430,178,125 ordinary shares of 50 Kobo each.
Wema Bank recently disclosed that it has successfully concluded the first tranche of its recapitalisation exercise, having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue.
Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available to newsmen.
Oseni stated that as a forward-thinking and pioneering bank, the financial institution, in December 2023, launched the N40 billion rights issue, which had been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The CBN, March, launched a recapitalisation programme requiring commercial banks to raise fresh capital.
This is in alignment with the minimum requirement for their respective banking licences within a 24-month timeline, spanning April 1 to March 31, 2026.
Oseni stated: “With this remarkable development, Wema Bank has now successfully raised the first tranche of its plan in the minimum requirement laid down by the CBN.
“The bank’s resolve to retain its commercial banking licence with national authorisation and the N40 billion rights issue is a step in that direction.
“Our move to commence our capital raise programme very early demonstrates our push for excellence. And with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”
Wema Bank closed its last trading day on Friday, July 12, 2024, at N6.65 per share on the Nigerian Stock Exchange (NGX), recording a 0.7% drop from its previous closing price of N6.70.
Wema began the year with a share price of 5.60 NGN and has since gained 18.8% on the price valuation.