Tuesday, September 16, 2025
26.4 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

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

Stanbic IBTC Named Amongst Top 10 Brands Making Impact

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC...

The Micro-Insurance Acceleration Conference 2016

The Micro-insurance Acceleration Conference 2016 is scheduled to take...

Big Barrels: Narrative on Africa’s Oil & Gas Stirs Global Market

A year after its release, the global momentum created...

Sustainability of CPS Key to Thriving Pension Sector – Absa

Absa, a leading pan-African bank with a strong footprint...

A Tale of Three Regimes

Since 2004 to date, the banking sector and Central Bank of Nigeria (CBN) have welcomed three different Governors of three different governing styles. In essence, Chukwuma Soludo, Lamido Sanusi and Godwin Emefiele represent three dimensional regimes in one critical sector-Banking.For those that lived through the Central Bank of Nigeria (CBN) regimes of Professor Chukwuma Soludo and Mallam Lamido Sanusi, it was always a difficult act to objectively locate the successes and failures of both administrations in terms of curing the banking sector of its endless Ebola diseases and building strong bricks for sustainable future growth.

NCC: ‘No Invalid 95.7m SIM Data, Verification is a Continuous Exercise’

The Nigerian Communications Commission (NCC) has re-assured Nigerians that...

UBA Unveils Henrietta Ugboh as Independent Non-Executive Director

    Owanari Duke Retires from Group Board Africa’s Global Bank,...

Sovereign Trust Insurance Delegates at 50th AIO Conference in Namibia

From L-R: Simon Mensah, Senior Manager/Head, Strategy & Corporate...
spot_img

Related Articles

Popular Categories

spot_imgspot_img