Wema Bank Plc to raise N39.95bn via Rights Issue

Wema Bank Plc on Monday, December 11, 2023 opened Acceptance List for its Rights Issue of 8,572,103,573 Ordinary Shares of N0.50 at N4.66 per share on the basis of two (2) shares for every three (3) shares held as at September 28, 2023.

The Rights being offered are tradeable on the floor of the Nigerian Exchange Limited for the duration of the Rights Issue.

Acceptance List for the Rights Issue will close in December 29, 2023.

According to the Bank, the proceeds from the Rights Issue will be used for the following:

To increase the Bank’s lending capacity to the SME sector

To deepen the Bank’s Retail and Commercial loan portfolio

To improve IT infrastructure to strengthen the Bank’s digital play (ALAT)