Sovereign Trust Insurance Lists 2.86bn Shares on NGX

Kayode Tokede 

The Nigerian Exchange Limited (NGX) has admitted Sovereign Trust Insurance Plc’s additional 2.86 billion ordinary shares of 50 kobo each per share on its Daily Official List.

The NGX noted that with the listing of the additional shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11.364 billion to 14.228 billion ordinary shares.

The bourse in a statement said, “Trading Licence Holders are hereby notified that an additional 2,863,673,469 ordinary shares of 50 Kobo each per share of Sovereign Trust Insurance were on Thursday, 18 January 2024, listed on the Daily Official List of NGX. 

The additional shares listed on NGX arose from the Sovereign Trust’s Rights Issue of 2,863,673,469 ordinary shares of 50 Kobo each at 50 Kobo per share. 

With this listing of the additional 2,863,673,469 ordinary shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11,364,466,014 to 14,228,139,483 ordinary shares of 50 kobo each.

Currently trading at N0.60 per share, the company’s market capitalisation increased to N8.54billiion as of January 19, 2024.

The insurance company secured approval from the Securities and Exchange Commission (SEC) for the company’s proposed right issue of 2.841 billion ordinary shares.