Monday, October 21, 2013

NSE lists Wema Bank’s ordinary shares

The Nigerian Stock Exchange has listed Wema Bank's 26,667,123,333
ordinary shares of 50 kobo each from its special private placment.
The development is coming less than a week after the bank posted gross
earnings of N26.3bn in its results for the nine-month period ended
September 30, 2013.
A statement on Monday quoted the Chief Finance Officer, Wema Bank, Mr.
Tunde Mabawonku, as saying that the performance of the bank's shares
on the Exchange and subsequent listing of the ordinary shares from the
successful special placement were proofs of the confidence investors
reposed in the bank.
Mabawonku, who thanked the shareholders and customers, added that he
was optimistic that the bank's growth trend would remain impressive.
The Managing Director, Wema Bank, Mr. Segun Oloketuyi, explained that
the shareholding structure of the bank remained diverse.
According to him, under the structure, no single investor has a
controlling shareholding.
He added that over the past four years, the bank had been successfully
repositioned, despite a tough operating environment by ensuring that
it had quality personnel, better risk management and corporate
governance practices, improved systems and processes, and an enhanced
capital base.
The bank had at its Annual General Meeting in August this year,
secured the approval of its shareholders to raise fresh capital to the
tune of N40bn.
The management of the bank also got approval to raise the additional
fund, which it said was needed to strengthen its balance sheet and the
expansion of its operations, from the capital market and from local,
foreign and other investors through private placement, public or
rights offer, or issuance of ordinary shares for such equity.
Oloketuyi had told the shareholders that the recapitalistion was
targeted at improving and expanding the bank's operations, assuring
them that it would continue to explore new frontiers in service
delivery and settlement platforms.

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