Insurance

Sovereign Trust Insurance Plc lists additional 4.17bn ordinary shares on NSE

Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc

*Firm’s total issued and fully paid up shares now 12.51bn

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Chuks Udo Okonta

Sovereign Trust Insurance (STI) Plc., has said an additional 4,170,411,648 of its ordinary shares were on December 23, 2019, listed on the Daily Official List of the Nigerian Stock Exchange (NSE).

According to the underwriting firm, the listing was communicated through a letter, signed by the Head, Listings Regulation Department, NSE, Godstime Iwenekhai.

The NSE said the additional shares listed, arose from the Company’s Rights Issue of 4,170,411,648 ordinary shares of 50 kobo each at N0.50 per share based on one (1) new ordinary share for every 2 ordinary shares held as at 15 January 2019.

It noted that at the close of the Offer Period, the Rights Issue was 72.50 per cent subscribed and the additional ordinary shares thus listed have been registered by the Securities and Exchange Commission (SEC).

With this listing of the additional 4,170,411,648 ordinary shares, the total issued and fully paid up shares of Sovereign Trust Insurance Plc has now increased from 8,340,823,296 to 12,511,234,944 ordinary shares.

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