Relief for Wema bank shareholders as NGX lifts suspension

The Suspension on Wema Bank Shares has been lifted after the tier-two bank successfully completed its capital restructuring.

On Tuesday, 8 March 2022 the bank’s shares trading was placed on full suspension in preparation for the share reconstruction of the bank’s issued and fully paid shares worth N40 billion.

The reconstruction entailed going from 38,574,466,082 ordinary shares of 50 Kobo each to 12,858,155,360 ordinary shares of 50 Kobo each in the ratio of one (1) for every three (3) shares held.

The entire listed old shares of 38,574,466,082 units of N0.50 at N0.92 each have now been delisted from the Daily Official List of Nigerian Exchange Limited (NGX) on 30 March 2022.

NGX also relisted on the Daily Official List the reconstructed shares of 12,858,155,360 units of N0.50 at N2.76 each and lifted the full suspension placed on Wema Bank Plc’s shares.

On Wednesday, the shares of Wema bank closed N2.76 per share compared to N0.92 it closed on March 07 2022.