Zenith Bank is raising N289.38 billion (about $181 million) through a hybrid offering that combines a rights issue and a public offering to expand its global operations. The rights issue includes 5.233 billion ordinary shares priced at N36.00 each, while the public offer presents 2.767 billion shares priced at N36.50 each.
Adaora Umeoji, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, disclosed this on Monday regarding the "facts behind the combined offer by Zenith Bank Plc."
Adaora Umeoji highlighted the bank's strategic goals, including solidifying its presence in global financial hubs and supporting clients' international operations.
She also announced plans for a new branch in Paris, facilitating business prospects in the West African Economic and Monetary Union and Economic and Monetary Community of Central Africa regions.
The proceeds from the offering will be allocated as follows: 35% for expansion strategy, 20% for enhancing IT infrastructure, and 45% as working capital to support the real sector, mainly retail and SMEs.
With a solid financial track record, including a Tier-1 capital of $1.1 billion and a profit before tax of $600 million, Zenith Bank aims to continue its growth trajectory while ensuring improved dividend payouts for shareholders.
