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
spot_img

Hot this week

Is the Era of the POS Operator Coming to an End?

By Elvis Eromosele Step outside your home in Lagos, Kano,...

‘NGX Stands Ready to Teach Corp Members the Rudiments of Investment, Entrepreneurship’

It gives me great pleasure to welcome Brigadier Olakunle...

NGX Extols Partnership with Pearl Awards

I am delighted to participate in the 2026 edition...

African Insurance Leaders Highlight Urgent Need for Regulatory Innovation and Digital Distribution at AIO Panel

Industry leaders at the 52nd African Insurance Organisation (AIO)...

NAICOM Appoints ERNST & YOUNG as Consulting Actuary for Risk-Based Capital Framework

The National Insurance Commission (NAICOM) has appointed global professional...

Topics

Insurance & Pension Editors of Nigeria Visits ARIAN

  L-R: National Adviser, Association of Registered Insurance Agents of...

‘Coronavirus May Impact Insurance Business’

Ping An Insurance Group Co of China Limited, China’s largest insurer...

The Adesola Adeduntan-Led FirstBank: 130 Years of Enabling Success

Dr. Adesola Adeduntan In a country with short-lived corporate excellence...

NIA: NIIRA 2025 Signifies a New Era for Financial Services Sector in Nigeria

The Nigerian Insurers Association (NIA) welcomes with great appreciation...

Niger Insurance Reports N22bn Asset Base

Mr. Kolapo Adedeji, Managing Director/CEO, Niger Insurance Plc says...

UNDP, Imo, Abia States Unveil N400m Economic Program to Support 11,000 Residents

As part of efforts to support communities deeply affected...

Allianz, Sanlam Joint Venture Targets 29 Markets in Africa

Mr. Amine Benabbou Head of Business Division, Africa and Middle...

ADB Endorses $400bn Project to Transform Agriculture in Africa

The African Development Bank (AfDB) recently endorsed its “Feed...
spot_img

Related Articles

Popular Categories

spot_imgspot_img