UBA Rises as HH Capital, Elumelu, Other Insiders Buy 100m Shares
Pan Africa lender, United Bank for Africa Plc, saw a spike in its market valuation ahead of the second quarter of 2023 earnings releases after insiders’ shares ramped up in May 2023.
UBA gained popularity in May 2023 as HH Capital, a company founded by Tony Elumelu, its chairman, ramped up a large number of shares along with other insiders in the group.
Heir Holdings controlled 1,814,003,900 or 5.30% of UBA Plc.’s shares outstanding, the audited financial statement of the group showed. Its chairman’s other indirect shareholdings include 140,843,816 shares by HH Capital Limited.
In addition, Heir Alliance Limited interest in the banking group was 231,086,468 shares.
‘The Elumelus’ persistently featured among the buyers of the financial service group’s share in the local bourse. Then, HH Capital took the buying momentum to its peak with large ticket demand for UBA stocks.
According to data from the local bourse, UBA gained 6.4% in the just concluded week as market demand for the bank’s shares increased. The popularity of UBA among equities investors trading highs and lows in the market drove the uptick, resulting in moderating spice in the banking index.
According to disclosure submitted to the Nigerian Exchange, Ugochukwu Elumelu, Toby Elumelu, Awele Elumelu, Tony Elemelu, Onyekachukwu Elumelu, Nneka Elumelu and Ogochukwu Elumelu were the prominent buyers of UBA’s share in May 2023.
Both HH Capital and Elumelu acquired 89,364,111 shares while other insiders topped it up to 99,445,111 shares Market data showed that from N9.35 per share at the beginning of the week, UBA traded at N9.95 on Friday’s close.
The surge lifted its market valuation to N340.284 billion, spread over its 34.199 billion outstanding shares.
In the first quarter of 2023, UBA made N53.589 billion in profit after tax obligations, according to its unaudited financial statement submitted to the Nigerian Exchange, spurred by a healthy increase in total non-interest income.
Its financial scorecard showed that its profit was more than 29% above the amount recorded in the comparable period when it declared N41.496 billion.
The Pan-African group bolstered its net interest income, rising to N119.63 billion from N84.869 billion. # UBA Rises as HH Capital, Elumelu, Other Insiders Buy 100m Shares > Access Bank Controls 19% of Nigerian Banking Assets
