UBA cancels staff share investment trust scheme

…crosses 2,080,104,955 SSIT shares to bank
The United Bank for Africa (UBA) has announced the cancellation of its staff share investment trust scheme (SSIT).

The bank, in a statement published by the Nigerian Stock Exchange (NSE) signed by Bill Odum, UBA group company secretary, announced the crossing 2,080,104,955 units of ordinary shares from the staff shares investment Trust Scheme (SSIT) to the bank.

According to the bank, transfer of the SSIT shares falls in line with the process of executing the special resolution of the bank shareholders at its annual general meeting held on 08thApril 2016, which authorized the board to cancel the shares held under SSIT.

UBA hinted that the bank will implement all regulatory requirements for the cancelation of the shares, having transferred the shares to the bank’s holding.

“Upon cancellation of the 2,080,104,955 units of ordinary shares, the outstanding shares of UBA, will be reduced by the amount accordingly” the bank stated.