AMCON sells 900 million shares of UBA – Sources

Data from the NGX trading session reveal about 961.5 million shares of UBA were traded on Thursday, July 20th.

Data from the NGX trading session reveal about 961.5 million shares of UBA were traded on Thursday, July 20th.

This was an abnormally high trade for a banking stock catching the interest of Nairametrics analysts.

UBA has 34.1 billion shares outstanding, with Hiers Holding the only majority shareholder with over 5% ownership. 961.5 million shares represent 2.8% of the total outstanding shares of the bank.

Sources reveal the trade was between United Capital Plc and APEL Securities(the likely seller) in a transaction valued at about N12 billion at a price of N13.85 per share.

Reliable sources also indicate the seller was likely AMCON via APEL Security.

There is no update yet on the NGX explaining if this was insider-based trading.

However, sources suggest the trades could be related to Tony Elumelu (Nairametrics is yet to confirm).

This is a developing story….