APR completes acquisition of UAC Registrars

The Africa Prudential Registrars Plc (APR) has said it recently completed the acquisition of UAC Registrars, the oldest non-bank-affiliated registrar in the capital market.

A statement said the Share Sale and Purchase Agreement (SSPA) between Africa Prudential Registrars and UAC of Nigeria Plc was executed by both parties in Lagos.

It stated that UAC Registrars’ proven track record in the industry and its quality customer service and timely response to market trends made it an attractive acquisition target for APR.

The deal is expected to integrate the resources of both companies and drive the deployment of even more robust information technology platforms to further reduce operating expenses and increase overall profitability, it added.

UAC Registrars manages the registers of six client companies, including UAC of Nigeria Plc. In addition, the acquisition is expected to open up new opportunities for the entity, not only in Nigeria, but across the African continent.

Speaking after the transaction signing ceremony, the Chairman of APR, Mrs. Eniola Fadayomi, explained the acquisition was part of the company’s strategy to achieve dominance in the share registration business in Nigeria. 

“Africa Prudential Registrars Plc is a thoroughbred in this sector. It has close to four decades of share registration experience in the Nigerian capital market, and is ranked number one in terms of automation and innovation among corporate registrars in Nigeria.  The acquisition is part of our business expansion and growth strategy to deliver value to all our stakeholders.”

Also, the Managing Director/Chief Executive Officer, APR, Mr. Peter Ashade, said: “In addition to championing the consolidation of Nigeria’s share registration industry, we are also driving improved service delivery in the country’s capital market, and opening up new frontiers to deliver value-added returns to investors.  We complement traditional registration with e-share registration. This has helped grow our clientele base from 17 companies at the end of 2006 to over 32 in 2013.”
Africa Prudential Registrars, which has several local and international investors, the most prominent of which is Heirs Holdings, the pan-African investment company is listed on the Nigerian Stock Exchange (NSE).

On the other hand, UAC Registrars was formerly a wholly-owned subsidiary of UAC of Nigeria Plc and a capital market registrar. It is licensed by the Securities and Exchange Commission (SEC) to perform share registration functions.