Share Capital
At the time of its establishment, UB's authorized capital
was Br. 100 million, out of which Br. 20,863,100
was fully subscribed and paid-up in cash by 335 founder-shareholders
Profits shall be distributed to all shareholders on the basis of:
a) the relative proportion of shareholdings in the total paid-up share capital; and
b) the relative duration of part or full payment of the value of the shares in
the course of the financial year.
Having considered the need to bolster a better image for the Bank,
enhance its lending capacity and enable it to absorb a larger risk,
the Third Extraordinary General Meeting of the Shareholders,
which was held on 7 December 2002 at Addis Ababa Hilton,
unanimously approved the increase of the paid-up share
capital to Birr 200,000,000. - (Two hundred million) in five years time,
the sales of the shares to reach the capital goal ended in
February 2006 well ahead of the planned date. Subsequently,
the fifth extraordinary meeting of shareholders approved the
increase of the paid up capital to Birr 400,000,000.00(Four Hundred Million Birr)
in another five year time. Accordingly, new shares were on
sale starting from April 2007 and surprisingly the shares offered
were all subscribed well ahead of the planned time,
which indicates the public trust United developed in a short period of time.
Once again, the seventh extraordinary General meeting of the Shareholders,
held on the 23rd day of November 2010 at the Addis Ababa Hilton has
unanimously approved the increase in the capital of the bank to be
implemented in accordance with the following terms and conditions
in such a manner that the authorized capital of the Bank shall be
Birr 1,000,000,000.00 (One Billion Birr) as well as the paid-up share
capital of the Bank shall be increased from Br. 400,000,000.00
(four hundred million) to Br. 600,000,000.00 (six hundred million)
in three years time by issuing 2,000,000 new ordinary shares for subscription.
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