Nigeria's Unity Bank to do 19.22 bln naira rights issue

Unity Bank logo

Nigeria's Unity Bank said on Monday it will raise 19.22 billion naira ($118.39 million) in a rights issue to its existing shareholders to boost its operations.
The middle-tier bank said in a public notice it will issue 38.44 billion ordinary shares at 0.50 naira per share as part of measure to boost the bank's capital and enhance its operations.
Unity Bank posted 26.10 percent increase in its first quarter's pretax profit to 3.14 billion naira from 2.49 billion last year.
However, its 2013 overall results showed pretax loss of 33.6 billion naira, against 6.45 billion naira profit in the same period last year.
The bank said the rights issue, which has opened for subscription by shareholders, will close on June 24.