United Bank for Africa has extended subscription for its N157.84bn (US$104m) rights issue until September 19.

The offering of nearly 3.16bn shares on a 1-for-13 basis at N50 each had been due to close on September 5. Subscription began on July 30.

The capital raise is the second round of fundraising to meet central bank minimum capital requirements. The first involved a N239.4bn rights issue that closed in December, with a result of 104.8% subscription coming in April.

UBA shares closed at N46.75 on Friday, up nearly 38% for this year as of that close. The stock closed flat to that level on Monday.

The previous fundraising was a small premium to the prevailing share price, both at the time of subscription and when the result came months later.

Source: IFR