Zenith Bank has signed documents for a N290 billion Rights Issue and Public Offer, exceeding the N230 billion required for recapitalization. The bank’s CEO, Dame Adaora Umeoji, expressed enthusiasm for the offer, which allows existing shareholders to consolidate their position and new investors to join. The proceeds will fund expansion across Africa and internationally, technology infrastructure, and working capital.
The offer opens on August 1, 2024, and closes on September 9, 2024. Applications can be made through various electronic channels, including Zenith Bank’s internet banking, mobile app, and branches nationwide. The CEO assured investors of the bank’s commitment to dividend payout and encouraged them to invest in Zenith Bank.
The Rights Issue offers existing shareholders the opportunity to purchase additional shares at N36.00 per share, based on their current holdings, while the Public Offer invites new investors to subscribe at N36.50 per share. The Rights Issue is offered at a ratio of one new share for every six existing shares held as of July 24, 2024, while the Public Offer is open to the general public, aiming to attract new investors and broaden the bank’s shareholder base.
Zenith Bank’s E-Application channels are now seamlessly integrated with the NGX Invest platform (https://invest.ngxgroup.com), allowing applicants and authorized agents to easily submit applications online. This digital innovation democratizes access to public offers and rights issues, making it possible for investors to subscribe with just a few clicks, simplifying the investment process and expanding opportunities in the capital market.
