Union Bank to broadbase shareholding of The Finance and Guarantee

Union Bank is planning to broadbase shareholding in The Finance and Guarantee Company Ltd (TF&G) by divesting 8.3 %.

It previously held a 81.27% of the company’s share in capital which it acquired for Rs.600 million.

It will broad base its shareholding of TF&G  with a view to seeking a stock exchange listing and complying with regulatory requirements to list.

The number of shares to be divested amounts to 100,000 shares  and of the 1.2 million shares which constitues 81.27%.

TF&G has 1, 476,500,000 shares in issue.  Of the remaining 276,500,000 shares in issue Shore Cap 11 holds 275,000,000 shares  (18.27%) and other shareholders who number 60 hold 1,500,000 shares. Shorecap 11 an international private equity firm.

TF&G is a registered finance company which was established in 1961.