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Zenith's N50bn Public Offer now ends March 20

Posted by By Omoh Gabriel, Business Editor on 2006/03/07 | Views: 1438 |

Zenith's N50bn Public Offer now ends March 20


ZENITH Bank PLC has extended its offer for subscription of 3,000,000,000 ordinary shares to the public by two weeks. The offer will now close on March 20.

LAGOS—ZENITH Bank PLC has extended its offer for subscription of 3,000,000,000 ordinary shares to the public by two weeks. The offer will now close on March 20.

At most of the bank’s branches yesterday, there was a huge rush by investors making last minute bid to buy into the bank, thinking the curtain on the offer would be drawn as earlier planned.
The extension implies that the bank may want to raise an amount beyond the N50 billion target in the offer in view of the bank’s speculated determination to manage the country’s foreign reserve, especially since there is a possibility of the bank retaining all the amount it raises in the course of the offer.

Unconfirmed sources said the offer might have actually been fully subscribed and that the bank’s decision to extend the closing date might be aimed at a bigger target of between N60 billion and N70 billion and would work towards retaining everything subject to SEC approval since government new liberal regulations on financial institutions allow banks to retain any excess proceeds of an offer.

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