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UPDC gains NSE’s flexibility through the N16 billion rights issue

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UACN Property Development Company (UPDC) has become another beneficiary of the Nigerian Stock Exchange (NSE or The Exchange)’s commitment to continue to receive funding even in the face of COVID-19.

The company successfully issued 16 billion N16 billion shares of 15,961,574,145 ordinary shares with a par value of N = 1.00 per share on the NSE platform, on June 2, 2020 on the NSE platform and on June 2, 2020 Common stock with face value N = 1.00, June 2, 2020.

Mr. Oscar N. Onyema (OON), CEO of NSE, addressed the virtual closing ceremony to commemorate the listing: “We congratulate the management and team of UACN Real Estate Development Company Plc and the professionals of this team for successfully completing the transaction Issues. At NSE, we prioritize the responsibility of supporting the development of issuers, trading member companies, and the investment public, and we will continue to strive diligently to respond to the needs of stakeholders every time.

Therefore, we are pleased to succeed in this Support the UPDC in its financing, and we will continue to provide opportunities for trading activities across multiple asset classes (stocks, bonds, ETFs).

Commenting on the transaction, the group’s managing director, UPDC, Mr. Folasope Aiyesimoji said: “I am deeply honored that I can practically sound like a closing gong on NSE today. The Exchange’s innovative and forward-thinking thinking in using technology to enable this is commendable. At UPDC, we are excited about the milestone we have achieved today, and we are convinced that the funds raised will further strengthen our capital structure and ensure us growth. We think we are happy that we are listed on the NSE, which exposes us to a wide range of investors and funding opportunities. We also need to praise NSE for its efforts to build investor confidence that enabled us to access this capital. We are grateful for the trust that investors place in us, and we are happy to undertake invaluable projects that this capital will support. ”

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During the pandemic, the Stock Exchange remained focused on using technology and business innovation to maintain full operations. Since its business continuity plan was activated, the plan transitioned to remote transactions and started operations in March. Since the support of electronic platforms such as the FIX protocol, X-NET and the newly implemented virtual private network (VPN), NSE has enjoyed Sewing operation. ). The NSE digital closing ceremony also proved the flexibility of the NSE technology platform. UPDC is the third company after Sterling Bank and FBNQuest Merchant Bank.

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