Zenith Bank now trades on London Stock Exchange at $6.80 per GDR


Nigeria?s Zenith Bank with operations in some African countries has officially listed on the London Stock Exchange (LSE).

The bank traded on the London bourse March 21, 2013 and the LSE says it is delighted to welcome Zenith Bank to the main market.

Zenith Bank successfully listed up to 125,000,000 global depositary receipts representing 6,250,000,000 ordinary shares of the Company to trading on LSE?s main market, trading on the International Order Book.

?Each GDR was priced at $6.80, equivalent to 21.58 Naira per equity share, said the LSE in a statement.

Mr Godwin Emefiele, Managing Director and Chief Executive Officer of Zenith Bank said ?We are delighted with the success of our inaugural GDR listing. This is one of the first Nigerian bank GDRs to be listed on the main board of the London Stock Exchange, and the transaction generated substantial interest from top tier investors in Europe and is a testament to the support for the Zenith Bank business model worldwide.?

J.P. Morgan acted as Global Coordinator and Sole Bookrunner on this transaction with Vetiva Capital management as the financial adviser to the company.

Zenith Bank was listed on the Nigerian Stock Exchange in 2004. The Bank has presence in the UK, Ghana, Sierra Leone, Gambia, South Africa and China.

By Ekow Quandzie/ghanabusinessnews.com

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