Elumelu’s HH Capital acquires additional 70 million units of shares in UBA
HH Capital Limited, a Company founded by the Board Chairman of United Bank of Africa (UBA) Plc, Mr. Tony Elumelu has acquired additional 70 million shares worth N560 million in the company.
This was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited (NGX).
The acquisition of 70 million shares represents 0.2 per cent of the company’s total outstanding shares of the company.
With the acquisition, HH Capital has increased its number of shares from 140,843,816 units of shares as of December 31, 2022, to N210,843,816 units.
Elumelu’s indirect holdings now stand at 2,255,934,184 units of shares from 2,185,934,184 as of December 31, 2022, while his direct holdings remained at 194,669,555 units of shares.
UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8 per cent gain over its previous closing price of N8.25.
The notice signed by Bili A. Odum, Group Company Secretary/Legal Counsel indicated that HH Capital Limited on May 9th, 2023 purchased 70,000,000 units of UBA Plc at N8.00 per share valued at N560million.
According to details of the transactions made available by NGX Limited, Elumelu owns the investment as an indirect shareholding through HH Capital Limited.
Elumelu who remained the Pan African bank’s single largest shareholder, now accounts for about 7.16 per cent of its total shareholding structure.
UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8 per cent gain over its previous closing price of N8.25. United Bank for Africa began the year with a share price of N7.60 and has since gained 10.5 per cent on the price valuations.
United Bank for Africa says that it recorded N201 billion Profit Before Tax in its 2022 financial period.
The bank disclosed this in a statement on its audited financial results for the full year ended December 31, 2022.
It said that, “Despite the highly challenging global economic and business environment, UBA recorded a laudable Profit Before Tax, with a 31.2 per cent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax grew by 43.5 per cent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before.
“Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as of December 2022, achieving an impressive growth by 14.6 per cent, compared to the prior year.”
The gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 per cent growth.
The bank’s total assets rose by 27.2 per cent, crossing the N10 trillion marks, to close at N10.9 trillion in December 2022; up from N8.5 trillion in 2021.
