Sovereign Trust Insurance lists additional 4.17 billion ordinary shares on NSE

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Sovereign Trust Insurance (STI) Plc has said that 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.

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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

Modestus Aneasoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.