Zenith Bank Plc has announced an extension of its rights issue and public offer deadlines to September 23, 2024, from the original closing date of September 9, 2024. This decision follows the receipt of approval from the Securities and Exchange Commission (SEC) and is attributed to disruptions caused by a nationwide protest that began on August 1, 2024.
The bank's rights issue involves offering 5,232,748,964 ordinary shares at N36.00 each, while the public offer includes 2,767,251,036 ordinary shares priced at N36.50 each. The rights issue is available to existing shareholders, allowing them to purchase additional shares in proportion to their current holdings, specifically at a ratio of one new share for every six shares held as of July 24, 2024. Conversely, the public offer is open to new investors.
Zenith Bank is notable for being the highest dividend-paying bank in Nigeria over the past five years, with its shares currently trading at a significant discount, providing an attractive investment opportunity. The extension is intended to offer shareholders and new investors ample time to participate in the offerings amidst the ongoing challenges
The bank's rights issue involves offering 5,232,748,964 ordinary shares at N36.00 each, while the public offer includes 2,767,251,036 ordinary shares priced at N36.50 each. The rights issue is available to existing shareholders, allowing them to purchase additional shares in proportion to their current holdings, specifically at a ratio of one new share for every six shares held as of July 24, 2024. Conversely, the public offer is open to new investors.
Zenith Bank is notable for being the highest dividend-paying bank in Nigeria over the past five years, with its shares currently trading at a significant discount, providing an attractive investment opportunity. The extension is intended to offer shareholders and new investors ample time to participate in the offerings amidst the ongoing challenges