SEC approves Sovereign Trust Insurance’s 2.84bn rights issue
Except the Securities and Exchange Commission (SEC) decides otherwise, the 2,841,116,504 rights issue approved for Sovereign Trust Insurance Plc will open on 6th July.
Equity Union Limited, the company secretary announced on Monday that the Rights Issue will open for 28 days.
In a notification to the Nigerian Exchange Limited (NGX), the company noted that it has secured the Commission’s approval to proceed with the process.
“The company has obtained approval from the SEC to conduct the signing ceremony with regards to the process of Rights issue of 2,841,116,504 ordinary shares of 50 kobo each at 50 kobo per share based on one new ordinary shares for every four ordinary shares held.”
The qualification date is 22 July 2023, according to Equity Union.
It states further that the rights circular will be distributed to shareholders while it urged the shareholders to get the application forms from the website of Sovereign Trust Insurance as well as contact their financial advisers for more details.
Sovereign Trust Insurance Plc has said its gross premium written rose by 20 per cent in the 2022 financial period.
The Deputy General Manager/Head, Corporate Communications & Investor Relations, STI, Olusegun Bankole, disclosed this in a statement on the company’s 2022 audited financials approved by the industry’s regulator, National Insurance Commission.
The company said this was despite the challenging operating environment that characterised the operations of most businesses in the country in 2022.
The Managing Director and Chief Executive Officer, of STI, Mr Olaotan Soyinka, said the performance of the company in 2022 was encouraging, considering the various business challenges that the insurance industry had to deal with in the past year.
He said there was room for improvement as the firm was prepared to take advantage of the opportunities inherent in the insurance marketplace.
He said, “Sovereign Trust Insurance Plc recorded a total of N15.2 billion gross premium written in 2022 as against the sum of N12.7 billion that was written in 2021, representing a 20 per cent growth rate for the year.
“It is quite interesting to note that the company also recorded a 9 per cent increase in its profit before tax of N962 million as against N885 million recorded in the year 2021.”
