Abbey Mortgage Bank lists additional 3.69bn shares on NGX

Abbey Mortgage Bank says it has listed additional 3.69 billion ordinary shares of 50 kobo each on the Nigerian Exchange Limited (NGX).

The bank announced this in a recent statement.

“We are pleased to inform our stakeholders that an additional 3,692,307,692 ordinary shares of Abbey Mortgage Bank Plc (the Company) were on Wednesday, 16 February 2022 listed on the Daily Official List of the Nigerian Exchange Limited (NGX),” the statement reads.

“The additional shares listed on NGX arose from the Company’s Rights Issue at 82 kobo per share based on four (4) new ordinary shares for every seven (7) ordinary shares held as at Friday, 8 October 2020.”

The latest listing by the bank was also confirmed in a circular signed by Godstime Iwenekhai, head of listings regulation department at NGX, which reads: “Trading licence holders are hereby notified that additional 3,692,307,692 ordinary shares of Abbey Mortgage Bank were on last Wednesday listed on the Daily Official List of the Exchange.”

“With this listing, the total issued and fully paid-up shares of Abbey Mortgage Bank Plc. has now increased from 6,461,538,462 to 10,153,846,154 ordinary shares of 50 kobo each.”

After the listing, the mortgage’s bank market capitalisation increased from N6.72 billion to N10.56 billion for the week.

Commenting on the development, Madu Hamman, chief executive officer of Abbey Mortage Bank, said: “This is yet another milestone in the refreshed growth roadmap of the bank, and we are grateful to the shareholders for the continued trust in the bank, its people and its management.”

“We will continue to make significant effort to develop the sub-sector and to become the bank of choice.”