UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc

August 4, 2020/Cowry Asset

On Monday, August 3, 2020, UAC of Nigeria Plc (hereafter referred to as “UAC”) notified the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that a binding agreement was signed with Custodian Investment Plc (hereafter referred to as “Custodian”) for the latter to purchase a 51% of its equity stake in UACN Property Development Company Plc (hereafter referred to as “UPDC”).For us, UACN’s strategic move to allow companies with sufficient capacity to take control of its businesses they have comparative advantage in should translate to higher profitability for UACN.

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