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UAC of Nigeria Rises to Record on Bonus-Share Plan: Lagos Mover

May 3 (Bloomberg) -- UAC of Nigeria Plc, which has interests in food products, logistics and real-estate services, climbed to a record after saying it plans to pay a dividend and issue bonus shares.

The stock gained a second day, rising 10 percent to 64.68 naira by the close in Lagos, the highest since at least January 2002 when Bloomberg began compiling the data. UAC proposed a bonus of one share for every five held and dividend of 1.60 naira each for 2012, it said in a Nigerian Stock Exchange filing yesterday.

“Investors are buying the company’s shares to partake in the bonus, which is not common with the company,” David Adonri, chief executive officer of Lagos-based brokerage Lambeth Trust and Investment Co., said by phone today. “The divided is another attraction and the profit that met expectations.”

Net income for 2012 jumped to 7.1 billion naira ($45 million) from 3.9 billion naira a year earlier, while revenue advanced to 69.6 billion naira from 59.6 billion naira, the company said yesterday.

UAC shares have risen 54 percent this year, compared with a 25 percent gain in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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