Abbey Mortgage Bank Plc Signs ₦3.692bn Rights Issue

Abbey Mortgage Bank Signs ₦3.692bn Rights Issue

Abbey Mortgage Bank Plc made another historic milestone with the signing ceremony of Rights Issue of N3, 692,307,692 ordinary shares of 50 kobo each at N0.82 per unit.

The event had the Managing Director/CEO of Abbey Mortgage Bank Plc (Issuer), Mr. Madu Hamman, and the Managing Director of Kairos Capital Limited (Issuing House), Mr. Sam Chidoka.

Other top executives from Abbey Mortgage and VFD Group were present at the signing ceremony.

The recapitalization is being undertaken as part of the long-term strategic plan to strengthen the position of the bank.

The key target is to put the Company in a good position to harness the opportunities in the financial services sector as economic activities continue to improve.

With the heightened need of banking products and services in the country, the fresh capital is expected to support Abbey competitive position and service delivery.

The total offer is expected to raise N3,692,307,692 through the issuance of new shares made up of N0.50 kobo each at N0.82 kobo per share.

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Specifically, the company said net proceed of the offer will be used to expand the Company’s core business which is lending for mortgages, construction finance and SME lending.

“The fresh capital will help strengthen our capital base to support business growth, deepen capital resources to selectively exploit value creation opportunities in the financial markets and support enlarged operations and broaden relationship management capabilities”, the company indicated.

Abbey Mortgage Bank Plc a public limited liability Bank incorporated and registered in Nigeria on 26 August 1991.

The Bank obtained its license to operate as a mortgage bank on 20 January 1992 and commenced business on 11 March 1992.

It was later converted to a public limited liability company in September 2007. On 21 October 2008, the Bank became officially listed on the Nigerian Stock Exchange.

The principal activities of the Bank are the provision of mortgage services, financial advisory, and real estate construction finance.

Abbey Mortgage Bank Plc Signs ₦3.692bn Rights Issue

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