United Bank of Africa (UBA) today announced it will be cancelling out 2,080,104,955 units of its ordinary shares from its Staff Share Investment Trust Scheme (SSIT) to the bank.
This is an execution of a special resolution reached by shareholders at the annual general meeting held on the 8th of April 2016 to cancel the shares held under SSIT. Following the transfer, the bank will complete all relevant process to effect the cancellation of the shares.
After the cancellation, UBA's outstanding shares will drop to 34,199,421,367 from 36,279,526,322.
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