The board of Sovereign Trust Insurance Plc, on Wednesday announced through Dynamic Portfolio Limited, its stockbrokers, plans to raise N2.085bn by way of rights to existing shareholders.
The company, according to a notice by the Nigerian Stock Exchange (NSE), has applied approval to issue and list 4,170,411,648 ordinary shares of 50 kobo each at 50 kobo per share.
Although no opening and closing dates have been announced for the proposed rights issue, it will however be on the basis of one new share for every two held by shareholders as at the January 15, 2019, qualification date.
Shares of Sovereign Trust suffered a 58% decline in 2018, sliding from 50 kobo to 21 kobo per share.
