UACN’s core investor acquires more shares
By Taofik Salako, Capital Market Editor
A major shareholder in UAC of Nigeria (UACN) Plc, Themis Capital Management, has acquired additional shares in the conglomerate in a transaction that may see Themis Capital Management emerging as the largest single shareholder of the 141-year-old conglomerate.
Transaction reports indicated that Themis Capital Management acquired about 0.5 per cent new equity stake in UACN in several deals involving 14.28 million ordinary shares of 50 kobo each valued at an average price of N10. The shares, valued at N142.8 million, were acquired through the Nigerian Stock Exchange (NSE).
UACN’s Group Managing Director (GMD), Mr Folasope Aiyesimoju, is the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa. Aiyesimoju assumed position as the GMD on April 1, 2019.
Themis Capital Management and two others- Stanbic IBTC Nominees and Blakeney GP 111 Ltd had in 2017 emerged as the three major shareholders in the conglomerate with more than five per cent equity stake. Prior to this, Stanbic Nominees Nigeria was the only shareholder with more than five per cent equity stake.
The 2017 post-recapitalisation filing had indicated that Themis Capital Management has the largest equity stake of about 8.06 per cent. Stanbic IBTC Nominees had 7.8 per cent while Blakeney GP 111 Ltd had 5.8 per cent.
Nigeria’s oldest surviving business, UACN started business in Nigeria in 1879, well ahead of the 1914 amalgamation that created the Nigeria.
With 10 subsidiaries in key sectors of the Nigerian economy, the UACN Group consists of several active companies spreading through manufacturing, services, logistics and real estate sectors of the Nigerian economy.
These include four quoted subsidiaries-CAP Plc, UACN Property Development Company (UPDC) Plc, Livestock Feeds and Portland Paints and Products Nigeria Plc; in addition to the parent company, UACN, which was listed in 1974. UPDC Real Estate Investment Trust, which is also quoted on the NSE, is a subsidiary of UPDC.
UACN acquired Livestock Feeds and Portland Paints in 2013. Other members of the group included UAC Foods Limited, UAC Restaurants Limited, MDS Logistics Plc, Warm Spring Waters Nigeria Limited, Grand Cereals Limited, and Unico CPFA Limited.