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Atlas Mara raises stake in Union Bank of Nigeria

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Atlas Mara raises stake in Union Bank of Nigeria

Atlas Mara Ltd. closed the acquisition of additional shares of Union Bank of Nigeria PLC, raising its stake in the bank to 49% from 48%.

The Africa-focused investment firm said in June that it will issue 2,360,032 new ordinary shares as consideration for acquiring 280,956,166 shares of Union Bank of Nigeria.

The completion was announced together with the Atlas Mara's first-half results, which saw its after-tax profit for the period more than double to $28.6 million from the year-ago $11.5 million. Return on equity for the half was 7.6%, compared to 4.0% a year ago.

Atlas Mara noted that Union Bank of Nigeria contributed $17.4 million to its net income for the period.