Abbey mortgage bank lists 3.69bn additional shares on NGX

The management of Abbey Mortgage Bank plc reported during the weekend the list of additional shares of the company to the NGX main board.

The notice states that the company listed an additional 3.69 billion ordinary shares of Abbey Mortgage Bank Plc on the Daily Official List of the Nigerian Exchange Limited (NGX), on Wednesday, 16 February 2022.

According to the company, the additional shares listed on NGX arose from the Company’s Rights Issue at 82 kobo per share on the basis of four (4) new ordinary shares for every seven (7) ordinary shares held as of Friday, 8 October 2020.

Hence, with the listing of the additional 3,692,307,692 ordinary shares, the total issued and fully paid-up shares of Abbey Mortgage Bank Plc has now increased from 6,461,538,462 and is totalled at 10,153,846,154 ordinary shares of 50 kobo each.

Recall that the Central Bank of Nigeria approved the raise of N3.03 billion through a rights issue to the tune of 3,692,307,692 ordinary shares of 50kobo each at N0.82k, thereby giving the Company’s shareholders the opportunity to increase their stakes and reposition themselves in a Company with excellent prospects.

The move by Abbey Mortgage Bank reflects the management’s passion and long-term strategic plan to strengthen the position of the company in changing the face of the mortgage industry with the recent growth trajectory.

Through this capital injection, the bank will position itself for improved business capacity, increased opportunities in the mortgage space, as well as surpass minimum capital requirements as a mortgage bank

In addition, this will put the company in a good position to harness the opportunities in the financial services sector as economic activities continue to improve with the heightened need of banking products and services in the country.