Published: March 21, 2013
Nigerian bank posts 125mn global depository receipts in non-capital-raising listing.
Zenith, Nigeria’s second-largest bank, has listed 125mn global depository receipts (GDRs) on the London Stock Exchange. Each GDR represents 50 ordinary shares and market capitalisation has been fixed at US$4.24bn.
As reported by EMEA Finance last year, the listing was not intended to raise capital, as it was preceded by the buyback of shares on the Nigerian exchange. It is intended rather to raise the profile of Zenith Bank among international investors and make it easier for them to buy shares.
Zenith Bank is the third Nigerian bank to list GDR’s in London, following in the footsteps of Guaranty Trust Bank and Diamond in 2007 and 2008, respectively.
JP Morgan acted as depository bank on this transaction.