Core Investor Raises Stake, Buys 55.1m Shares Of UACN For N312.968m

UAC of Nigeria Plc, the nation’s oldest conglomerate, on Monday, notified stakeholders that AM&P Advisory Services, a company with an indirect relationship with Folasope Babatunde Aiyesimoju, its chief executive officer, raised its stake in the company, with the acquisition of 54,030,858 shares at N5.75 per share.

According to the notification, the transaction occurred all on August 31, 2020 at an average price N5.68 each, bringing total cost to N312.968m.

A breakdown of the transaction showed that 54,030,858 shares changed hands at N5.75 per share; followed by another 200,542 units traded at N5.70 per share; while the remaining 868,600 shares crossed at N5.60 each also on the Nigerian Stock Exchange (NSE).

The transaction is coming at a time when another majority investor in the group- Blakeney LLP has sold most of its stake in the company.

Aiyesimoju is the founder of Themis Capital Management, which emerged as the largest single shareholder with an 8% equity stake consisting of 232.35m ordinary shares in the conglomerate.