Zenith Bank Plc, Nigeria’s largest lender by Tier-1 Capital has announced the extension date of its N289.38 billion capital raise through a combination of Public Offer and Rights Issue to September 23, 2024.
The combined offer was originally billed to close on September 9, 2024.
The two-week extension period has been linked to the nationwide strike action by public workers which the bank said had disrupted the process.
According to a notice issued by Zenith Bank to the Nigerian Exchange Limited and by extension capital market stakeholders, the extension had been approved by the Securities and Exchange Commission.
Michael Otu, Company Secretary of Zenith Bank Plc in a statement explained that the decision to extend the period of the capital raise was meant to give opportunity to shareholders to take their Rights while new investors will be able to buy into the bank through the Public Offer.
Zenith Bank Plc is a Nigerian commercial bank providing services to corporate, commercial, and individual customers.
The company’s core businesses include corporate and investment banking, commercial and consumer banking, trade services and foreign exchange, treasury and cash management services, and other non-bank financial services through its subsidiaries.
Zenith Bank became a public limited company in June 2004 and was listed on the Nigerian Exchange (NGX) in October the same year, following a highly successful IPO.
The bank currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE). Additionally, the bank has subsidiaries in Ghana, Sierra Leone, and Gambia, as well as a representative office in the People’s Republic of China, as it expands into European and Asian markets.
