Custodian Investment gets SEC’s approval to takeover minority interests in UPDC

By Kayode Tokede

Custodian Investment Plc has been authorized the Securities and Exchange Commission (SEC) to proceed with  a mandatory takeover offer to be made to minority shareholders of UACN Property Development Company Plc (UPDC) for the purchase of up to 34,415,332 ordinary shares of 50 kobo each, at a price of 90 kobo per share.

In a notification at the Nigerian Exchange Limited (NGX) on Monday signed by Adeyinka Jafojo, Company Secretariat Services, the offer expected to open on May 31, 2021 and close on July 2, 2021.

“Qualification date for the offer will be May 14, 2021, and shareholders whose names appear on the register of members as at the date, other than UAC of Nigeria and Custodian Investment Plc are eligible to participate,” the notification said.