Zenith Bank Rights Issue, Public Offer Extended to September 23

Zenith Bank Plc yesterday, announced the extension of its ongoing rights issue and public offer which were previously scheduled to have closed yesterday, to September, 23, 2024.

The bank announced this in a statement made available to THISDAY.

It explained that the two-week extension followed the receipt of approval from the Securities and Exchange Commission (SEC). It hinged its reason for the extension on the nationwide protest which commenced on August 1, 2024.

It stated: “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.”

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.

Zenith Bank in the ongoing rights issue offers 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the Offer for Subscription presents 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share. The rights issue allows existing shareholders to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024. Conversely, the public offer for subscription is open to the general public and aims to attract new investors.

Today, Zenith Bank is the highest dividend-paying bank in Nigeria, a trend it has sustained over the past five years.  Also, its shares are selling at a massive discount.