Umuchinemere MFB raises its share price

Umuchinemere MFB raises its share price

The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) has raised the market price of its stock from ₦2 to ₦3 per Share.

The Share price increase, which was a result of the bank's extraordinary general meeting of Friday, May 16, 2014, held at St. Joseph's Institute hall, Uwani Enugu, was prompted by the quest of the Board of Directors of the bank to enhance the paid up shares capital of the bank to ₦1bn to meet its approved authorized share capital base of ₦1bn.

At the extraordinary general meeting chaired by its chairman, Very Rev. Prof. Msgr. Obiora Ike, the bank raised the share price through a motion moved by one of its shareholders, Lady Bridget Orjiekwe, whose motion was seconded by Dr. Paulinus Agu.

While explaining the great benefits of being a shareholder, Lady Orjiekwe who is a pioneer shareholder of the bank said UPMFB shares were very strong and yielded good results.

A press statement by the Public Relations Manager of the bank said the meeting first removed the lead placed on further sale of shares and then proceeded to raise the share price, from ₦2 to ₦3. And under the new sales arrangement, existing shareholders intending to acquire more shares are to buy at the previous price of ₦2, while prospective new shareholders are to purchase the shares at ₦3 per share.

Chairman of the bank, Msgr. Ike thanked the shareholders for honouring the invitation to the meeting and assured that the bank will continue to do well and protect their investment there.

He said that at the present status of the bank as State microfinance bank it had become necessary that the bank increased its paid up share capital to ₦1bn to meet its ₦1bn authorized share capital base.

A onetime media executive, Dr. Ralph Osai, described Umuchinemere Pro-credit Micro Finance Bank as the story of the mustard seed that began small and grew larger, adding that he could not decipher the difference between UPMFB and commercial banks.

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