The current rights issue and public offer by Zenith Bank Plc, which were scheduled to expire on Monday, have been extended until September 23, 2024.
This extension was made public by the bank in a statement available to BrandSpur banking and finance news desk. It clarified that the Securities and Exchange Commission’s (SEC) approval was required before the two-week extension could be given.
The bank justified the delay by pointing to the countrywide demonstrations that got underway on August 1, 2024.
“Zenith Bank Plc has extended the acceptance/application lists for its ongoing Rights Issue and Public Offer, which were scheduled to close on Monday, 9 September 2024, by two weeks to close on Monday, 23 September 2024. This is following the receipt of approval from the Securities and Exchange Commission,” stated the bank.
It would be recalled that the rights issue and public offer which launched on August 1, 2024, “were disrupted by the nationwide protest that commenced on the same day, which disrupted business operations and individual movement across the country.”
“The decision has been made to provide ample opportunity for shareholders to take up their rights and the general investing public to subscribe to the public offer,” it added.
Continuing, while the Offer for Subscription provides 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share, Zenith Bank is offering 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share in the ongoing rights issue.
The rights issue, which is being issued based on one new ordinary share for every six existing ordinary shares owned as of Wednesday, July 24, 2024, enables current shareholders to purchase more shares in proportion to their current holdings.
On the other hand, the public offer for subscription is accessible to anyone and is meant to draw in new investors.
However, following five years of consistent dividend payments, Zenith Bank is currently the highest-paying bank in Nigeria. Additionally, there is a significant discount on its shares.
