Sovereign Trust lists additional shares on NSE
SOVEREIGN Trust Insurance Plc has listed on the Nigerian Stock Exchange an additional 4,170,411,648 ordinary shares, which were issued by way of a rights issue.
A statement released on Tuesday notifying dealing members of the development, said the shares were listed on December 23 on the daily official list of the Exchange.
It said the additional shares listed arose from the company’s rights issue of 4,170,411,648 ordinary shares of 50 kobo each at 50 kobo per share based on one new ordinary share for every two ordinary shares held as of January 15, 2019.
The notice read in part, “Please, note that at the close of the offer period, the rights issue was 72.50 per cent subscribed and the additional ordinary shares thus listed have been registered by the Securities and Exchange Commission.
“With this listing of the additional 4,170,411,648 ordinary shares, the total issued and fully paid up shares of Sovereign Trust Insurance has now increased from 8,340,823,296 to 12,511,234,944 ordinary shares.”
In another development on Tuesday, the NSE suspended trading in shares of Cement Company of Northern Nigeria Plc.
It said the shares of the company were placed on full suspension as it became imperative to prevent trading in the shares of the company beyond the effective date of the scheme of merger between the company and Obu Cement Company.
The effective date is the date the certified true copy of the court sanction would be registered with the Corporate Affairs Commission.