Money market

Stanbic IBTC Holdings hits N466bn in market cap

Stories by Kayode Tokede

With the addi-tional 126,878,501 ordinary shares of 50 kobo each to its outstanding share price, Stanbic IBTC Holdings has crossed the N460 billion in market capitalization to N466 billion.

The additional outstanding shares make Stanbic IBTC Holdings third largest listed financial institutions with most market capitalized.

As at December 14, checks revealed that Guaranty Trust Bank Plc has N1.03 trillion market cap, while Zenith Bank Plc has N722 billion in market capitalization.

Dangote Cement Plc with N3.15 trillion as at December 14, 2018 maintained the most capitalized company on the Nigerian Stock Exchange (NSE).

The equities market at N11.204 trillion as at December 14, means that Dangote cement is contributing 28 per cent to the entire equities market segment of the Exchange.

However, a statement by NSE noted that, “A total volume of 126,878,501 ordinary shares of Stanbic IBTC Holdings Plc were listed on the Daily Official List of The Nigerian Stock Exchange December 11, 2018.

“The additional shares of 126,878,501 ordinary shares of 50 kobo each resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.00 dividend declared for the half year ended 30 June 2018.

“With this listing of 126,878,501 ordinary shares, the total issued and fully paid up shares of the Company has now increased from 10,113,674,444 to 10,240,552,945 ordinary shares.”

The share price of Stanbic IBTC Holdings closed last week at N45.55 from N46.00 per share it opened for trading on Monday.

The Managing Director, Highcap Securities Limited, Mr. David Adnori, said the increase in outstanding shares is insignificant to impact on the company’s share price appreciating.

Stanbic Africa Ltd. had increased its shareholding in Stanbic IBTC by 11.35 per cent from 53.09 per cent to 64.44 per cent following a transaction that was consummated on the NSE in May.

The bank’s Company Secretary, Chidi Okezie,  in a notification to the exchange, said Stanbic Africa Holdings (a subsidiary of Standard Bank Group and parent company of Stanbic IBTC Holdings) recently acquired the 1.14 billion shares.

Okezie said the shares were acquired in an “Off-Market” transaction bringing the total percentage shareholding of Stanbic Africa Holdings to 64.44 per cent.

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