Monday, July 14, 2025
23.2 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

NAICOM, Insurance Industry Mourn Buhari

It is with profound sadness that we received the...

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu,...

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

In a landmark achievement that highlights the steadfast confidence...

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive...

Topics

Jose Mourinho: Why Chelsea Won 2015 English Premier League

The Blues suffered a 5-3 humiliation at the hands of Spurs that day and Mourinho claims its impact was felt throughout the squad and it inspired the team rather than demoralising them-so much so that they’ve yet to lose since, putting together a formidable 14-game unbeaten run, clinching the title in the process.

Interswitch Recognised as Leading Company in Diversity, Equity, Inclusion

L-R; Chinenye Tony-Chidolue, Organizational Development Manager, Interswitch and Michael...

CIIN Empowers Over 50 Young Insurance Professionals at Boot Camp 3.0

L-R: Guest Speakers; Mr. Boniface Amadi, Head, Business Systems Automation, Continental Reinsurance...

Ecobank CEO:  ‘Fintech, Banks, Telcos Should Partner for Economic Growth’

Patrick Akinwuntan Managing Director Ecobank Nigeria Patrick Akinwuntan, the Managing Director, Ecobank...

Afreximbank: The $6bn War Chest to Strengthen Food Security in Africa

The African Export-Import Bank (Afreximbank) has staked US$6 billion...

Nigerian Digital Market to Feature at BBM Innovation Event

Creative Media Works operating as BBM Messenger invites stakeholders...

2 Nigerians Emerge Winners in ITU 2020 Innovation Challenge

The 2020 edition of the International Telecommunication Union's (ITU) Global...

Kanu’s Hardley Apartments: True Position by AMCON

The attention of Asset Management Corporation of Nigeria (AMCON)...
spot_img

Related Articles

Popular Categories

spot_imgspot_img