September 11, (THEWILL) – Zenith Bank Plc has extended the deadline for its ongoing Rights Issue and Public Offer by two weeks, in order to accommodate some exigencies that occurred during the period.
The new deadline is September 23, 2024.
The initial deadline of September 9, 2024, coincided with the protests across Nigeria, sparked by socio-economic grievances.
The disturbances, which impacted business operations and individual movement across the country, created challenges for investors to engage with the offer in a timely manner.
The bank noted that the disruptions hindered many potential investors from participating in the offer as originally planned.
In light of this, Zenith Bank sought and received approval from the Securities and Exchange Commission (SEC) to extend the application period.
According to the Tier-I bank, the decision to extend the deadline is aimed at providing ample time for shareholders and the public to participate fully in the offer, despite the unforeseen challenges posed by the protests.
Zenith Bank’s Rights Issue and Public Offer are part of its strategic plan to raise an additional N290 billion in capital, which will be used to strengthen its operations, enhance market presence, and improve its balance sheet.
The Rights Issue allows existing shareholders to buy additional shares at a discounted price, thereby increasing their equity in the bank.
Meanwhile, the Public Offer provides an opportunity for new investors to acquire shares and benefit from the bank’s growth.
The extension now offers more time for investors to take part, even as the protests continue to affect various sectors of the economy. The extension presents an opportunity for existing shareholders to reassess their investment and potentially increase their stake in one of Nigeria’s most prominent banks.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
