Wema Bank Plc to Raise Fresh Capital Via Rights issue

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Wema Bank Plc has announced plans to raise a staggering N149.3 billion through a rights issue, offering 14.29 billion ordinary shares at N10.45 per share. The bank has submitted an application to the Nigerian Exchange Limited (NGX) for the approval and listing of the offer through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited.

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In a statement signed by the Head of Issuer Regulation at NGX, Godstime Iwenekhai, on Wednesday, the exchange notified trading license holders of the proposed capital raise. “Wema Bank Plc has, through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 14,286,785,417 ordinary shares of 50 kobo each at N10.45 per share on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on Wednesday, 5 March 2025,” the statement read

The qualification date for the rights issue is set for Wednesday, 5 March 2025. This move is expected to bolster the bank’s financial position, following a notable increase in its income from foreign exchange revaluation. According to reports, Wema Bank’s income from foreign exchange revaluation rose to N14.53 billion at the end of 2024, representing a 6.78% increase from N13.60 billion in 2023

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