Why 4.17b shares on NSE will boost investors’ confidence
Determined to increase the shareholders confidence in the nation’s insurance industry, underwriting companies have been assuring investors of better returns on their investments.
For this to be achieved in the industry, Sovereign Trust Insurance (STI) Plc, said the 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 new ordinary share for every two ordinary shares held as at 15 January 2019.
It noted that at the close of the offering, 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.