UAC of Nigeria Plc (NGSE:UACN) agreed to spin off 64.16% stake in UACN Property Development Company Plc (NGSE : UAC-PROP) on September 2, 2019. As of May 7, 2020, UAC of Nigeria increased its stake to 93.9% in UACN Property Development Company following a rights issue and would now spin 93.2% stake in UACN Property Development Company. The shareholders of UAC of Nigeria will get shares in UACN Property Development Company on pro-rata basis.

Post completion, UACN Property Development Company will cease to be a subsidiary of UAC of Nigeria. In a related transaction, UACN Property Development Company Plc agreed to spin off 40% stake in UPDC Real Estate Investment Trust (NGSE : UPDCREIT) on September 2, 2019. Transaction is subject to approval of shareholders of UACN Property Development Company and UAC of Nigeria, approval of the Securities and Exchange Commission (SEC) and approval of Nigerian Stock Exchange (NSE).

As of May 7, 2020, transaction is subject to coronavirus disruptions that might affect approval timings. Transaction is expected to close by July 2020.