Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue capital raise marking a key milestone ahead of its recapitalisation plan in line with the Nigerian Insurance Industry Recapitalisation Act, NIIRA.
The underwriting firm disclosed this at the signing ceremony of all related parties to the Rights Issue at its Corporate Head Office in Victoria Island, Lagos. The signing ceremony signals the effective conclusion of all internal processes and professional engagements required for the Rights Issue.
With the structuring phase now concluded, the shareholders of Sovereign Trust Insurance Plc will have the opportunity to pick up their rights totaling 2,510,848,144 units, (two billion, five hundred and ten million, eight hundred and forty-eight thousand, one hundred and forty-four units) ordinary shares of 50 kobo each at N2.00 per share on the basis of 3 new ordinary shares.
In the same vein, the management has enjoined all shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the Rights Issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage as NIIRA signals a new direction for the insurance industry in the country.
Dr. Lucas Durojaiye, Managing Director/Chief Executive Officer of the underwriting firm, said the management has set a growth agenda which is aimed at positioning it as one of the top five in the insurance industry in Nigeria. The Managing Director’s appealed to shareholders was unequivocal. “In achieving this aspiration, 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 exercise their rights by subscribing fully to the Rights Issue and ultimately grow their investments in the company”.
He said, the firm is working assiduously towards being one of the most preferred Insurance companies in the country for people to do business with, invest in as well as be the choice Employer of Labour in the years ahead.
