Sovereign Trust Insurance lists 4.17b rights shares

Taofik Salako


Sovereign Trust Insurance Plc has listed additional 4.17 billion ordinary shares of 50 kobo each on the Nigerian Stock Exchange (NSE), the last step in its recent capital raising process.

Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, stated that the additional shares arose from the company’s recent rights issue.

He explained that while the rights issue recorded 72.5 per cent subscription, the additional ordinary shares listed had been registered by the Securities and Exchange Commission (SEC).

With the listing of the additional 4.17 billion ordinary shares, the total issued and fully paid up shares of Sovereign Trust Insurance has increased from 8.34 billion ordinary shares of 50 kobo each to 12.51 billion ordinary shares of 50 kobo each.

STI had sought to raise N2.09 billion from existing shareholders to beef up its capital base to position it in better stead for large-ticket transactions.

STI offered 4.17 billion…

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