Monday, May 4, 2026
27.3 C
Lagos

Sovereign Trust Rights Issue Extended to Aug 16 by SEC Approval

Following the approval from the Securities and Exchange Commission, SEC, Sovereign Trust Insurance Plc has extended its Rights Issue offer closing date which opened on Monday, June24, 2019.

The Rights Issue which ought to have closed on Wednesday, July31, 2019, has now been extended to August 16, 2019.

According to the official statement made available to the Press by the Spokesperson for the organisation, Mr. Segun Bankole, the extension of the Rights Issue was necessitated to allow Shareholders ample time to subscribe fully to the offer.

He said such unique opportunity does not come that often which was what informed the decision of the Management to request for an extension in the closing date of the Rights Issue offer.

Consequently, the Management enjoins all Shareholders of the company to take advantage of this extension in date to fully exercise their rights as that will guarantee the consolidation of their ownership in one of Nigeria’s very dynamic and forward-looking underwriting firm.

The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.

A total of 4, 170, 411, 6488, (Four Billion One Hundred and Seventy Million, Four Hundred and Eleven Thousand, Six Hundred and Forty-Eight units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50kobo per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 50kobo held in the company as at the close of register on January 15, 2019.

The Managing Director of the Underwriting Firm, Mr. Olaotan Soyinka has also reiterated the fact that the company has set a growth agenda which is aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism over the years.

“In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully subscribe to the Rights Issue.”

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank PMI: Business Activity Continues to Rise, But Higher Fuel Costs Limit Growth

The Nigerian private sector remained in growth territory at...

Niger Delta Economic & Investment Summit 2026: Fubara, Stakeholders Discuss Strategies in PH

The Executive Governor of Rivers State, Sir Sim Fubara...

NGX Shareholders Commend Leadership at 65th AGM, Seeks Continued Growth

Shareholders of Nigerian Exchange Group Plc (NGX Group) have...

Sovereign Trust Insurance Set for Market Leadership via N5bn Rights Issue

Sovereign Trust Insurance Plc has completed the structuring phase...

All Set for Ecobank 2026 National Schools’ Team Chess Championship

L–R: Austen Osokpor, Head, Marketing and Corporate Communications, Ecobank...

Topics

Soft Recovery in Non-Oil Sector Lifts Economic Growth to 1.9% in 2018 By Afrinvest Research

The GDP report which shows Nigeria’s economic performance in...

UBA Consolidates as Gross Earnings Rise by 110%, Profit for Q1 Hits N156bn

United Bank for Africa Plc (UBA), Africa’s Global Bank,...

AIICO Insurance CEO, Fajemirokun, Bags 2020 Top CEO Award

Mr. Babatunde Fajemirokun Managing Director/CEO AIICO Insurance Plc Mr. Babatunde Fajemirokun, Managing...

Emirates Officially Reinstates Flights to Nigeria, Engages CBN

“Emirates welcomes the Central Bank of Nigeria’s move to...

Germany-Africa Business Forum Unveils Funding of African Energy Startups

The Germany Africa Business Forum e.V. (GABF), whose goal...

5G, Internet of Things Key Focus of ITU Standards Conference

The World Telecommunication Standardization Assembly (WTSA-16) got underway today...

‘NCC Committed to Digital Nigeria’ – Danbatta

Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC)...

Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea

Dignitaries at the naming ceremony of the 40,000 cubic...
spot_img

Related Articles

Popular Categories

spot_imgspot_img