STERLING FINANCIAL HOLDCO TO SEEK SHAREHOLDERS ’ APPROVAL FOR N200 BILLION CAPITAL RAISE
The Board of Sterling Financial Holdings Company Plc will seek shareholders’ approval at an annual general meeting (AGM) to raise up to N200 billion through various methods of share issuance in the Nigerian capital market, pending regulatory approvals. This move aligns with the banking sector's efforts to bolster capital reserves in response to evolving regulatory standards, including new minimum capital requirements by the Central Bank of Nigeria.
The capital increase could be executed via rights issues, private placements, public offerings, or other methods, with pricing determined through book building or other valuation methods. The issuance may occur in tranches, with maturity periods set by the Board of Directors.
Sterling Financial Holdco will also seek approval to increase its share capital by allotting up to 40 billion shares of 50 Kobo each. These new shares will rank equally with existing shares and may be issued anytime within two years from the resolution date.
Other resolutions include authorizing the Directors to manage unsubscribed shares from a rights issue and to appoint professional parties and advisers to effect the resolutions. The Company Secretary will be authorized to register share capital increases with the Corporate Affairs Commission.
Sterling Financial Holdco closed trading at N4.20 per share on May 29, 2024, a 2.1% decline from the start of the year.
The Board of Sterling Financial Holdings Company Plc will seek shareholders’ approval at an annual general meeting (AGM) to raise up to N200 billion through various methods of share issuance in the Nigerian capital market, pending regulatory approvals. This move aligns with the banking sector's efforts to bolster capital reserves in response to evolving regulatory standards, including new minimum capital requirements by the Central Bank of Nigeria.
The capital increase could be executed via rights issues, private placements, public offerings, or other methods, with pricing determined through book building or other valuation methods. The issuance may occur in tranches, with maturity periods set by the Board of Directors.
Sterling Financial Holdco will also seek approval to increase its share capital by allotting up to 40 billion shares of 50 Kobo each. These new shares will rank equally with existing shares and may be issued anytime within two years from the resolution date.
Other resolutions include authorizing the Directors to manage unsubscribed shares from a rights issue and to appoint professional parties and advisers to effect the resolutions. The Company Secretary will be authorized to register share capital increases with the Corporate Affairs Commission.
Sterling Financial Holdco closed trading at N4.20 per share on May 29, 2024, a 2.1% decline from the start of the year.