UACN transfers 8.519bn UPDC shares to Custodian Investment for N5.964bn

Barely three and half months after it announced a change of plan to dispose of its stake in its subsidiary, directors of UAC of Nigeria, the nation’s oldest conglomerate, on Tuesday formally transferred a total of 8,519,810,121 share units of its subsidiary- UACN Property Development Company Plc for N5.964 billion, according to trading statistics of the Nigerian Stock Exchange (NSE). Although, no details are yet available, the volume represents the balance of 45.9 per cent of the paid up capital of the company, meaning that approval may have been received…

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