Zenith Bank extends public offer, rights issue deadline

• Published On: 10 September 2024 at 18:26

Zenith Bank Plc has extended the deadline for its ongoing Rights Issue and Public Offer by two weeks, from September 9, 2024 to September 23, 2024.

The extension comes after nationwide protests began on the offer's launch date, disrupting business operations and investor mobility across the country.

The Rights Issue and Public Offer, which began on August 1, 2024, were significantly impacted by the protests, which severely disrupted business operations and transportation, limiting investor participation.

In response, Zenith Bank obtained approval from the Securities and Exchange Commission to extend the application period.

The extension is intended to give shareholders and potential investors more time to consider the offer, despite the ongoing socioeconomic unrest.

Zenith Bank's initiative seeks to raise N290 billion in capital to support its operations, increase market presence, and strengthen its balance sheets.

The Rights Issue allows existing shareholders to purchase additional shares at a discount, whereas the Public Offer invites new investors to participate.

The protests impacted the initial deadline of September 9, 2024, posing logistical challenges for investors. The new deadline allows for broader participation in the offer.

In a related update, Zenith Bank reported strong financial results for the second quarter of 2024, with pre-tax profits reaching N406 billion.

This represents a significant 370% increase over the N86.8 billion reported in the same period last year, owing to gains in foreign exchange operations.