UACN’s major investor sells 80 million shares

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One of the major investors in UAC Nigeria Plc, Blakeney LLP, has reduced its stake in the conglomerate with the sale of 80 million additional shares.

The conglomerate disclosed this in a notice to the Nigerian Stock Exchange signed by the Company Secretary/Legal Adviser, Godwin Samuel.

A breakdown of the transactions showed that the 80 million units were sold at N5.75 per unit, amounting to N460m in purchase consideration.

The board of directors of UAC of Nigeria Plc had recently announced that a binding agreement had been signed with Custodian Investment Plc for Custodian to purchase a 51 per cent equity interest in UACN Property Development Company Plc.

The agreement marked the beginning of a partnership between Custodian and UAC that would achieve both companies’ respective objectives in the real estate industry.

It also marked a significant milestone aligned with UAC’s strategy to focus on its core businesses.

Source:  PUNCH.

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