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CardinalStone Securities Executes Largest Block Deal in Nigerian Capital Market

CardinalStone Securities Executes Largest Block Deal in Nigerian Capital Market




CardinalStone Securities Limited has announced its recent execution of the sale of 27,336,952,296 ordinary shares of Union Bank of Nigeria Plc at N7 per share by Atlas Mara Limited and Union Global Partners Limited to Titan Trust Bank Limited.
A statement explained that the sale, which represented a 93.4 per cent equity stake in Union Bank was for a total value of N191 billion ($461 million).
It revealed that CardinalStone Securities Limited in the deal acted as stockbrokers to Atlas Mara Limited and Union Global Partners Limited as well as Titan Trust Bank Limited, the new core investors in Union Bank.
“This landmark transaction is the largest divestment/acquisition deal executed in the Nigerian capital market. With a trade value of N191 billion ($461 million), the deal surpasses the divestment of c.3.2 per cent of Dangote Cement Plc by Dangote Industries Limited (transaction value – N125 billion, $346 million), Crown Flour Mill’s acquisition of Dangote Flour Mills Plc (Transaction value N120 billion, $333 million), Access Bank Plc’s acquisition of Diamond Bank Plc (Transaction value: N72.5 billion, $236 million), NIPCO’s acquisition of Mobil Nigeria Plc (Transaction value: N91 billion, $282 million).”
Speaking on the transaction, the Group Managing Director/Chief Executive Officer of CardinalStone Partners Limited, Mr. Michael Nzewi stated: ‘’We are pleased to have played a key part in such a remarkable transaction in Nigeria’s capital market and the banking industry, bringing together Union Bank of Nigeria Plc, Nigeria’s second oldest bank, and Titan Trust Bank Limited, a technology-focused new generation bank. We heartily congratulate both parties on the successful closure of the transaction and applaud other professional parties involved in the transaction.”
In addition, the Managing Director of CardinalStone Securities Limited, Mrs. Elile Olutimayin, commented on the milestone attained by CardinalStone as the executing stockbroker on the largest deal in the local bourse, saying, “CardinalStone Securities remains the first point of call for both local and foreign investors seeking to execute strategic transactions in Nigeria’s capital market. We remain committed to deepening the capital market and appreciate the parties for entrusting CardinalStone with such an important transaction.’’




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