Economy
STANBIC IBTC Holdings Plc,on Tuesday, launched its N148.7 billion rights issue on the Nigerian Exchange Ltd’s (NGX’s) e-offering platform.
The Rights Issue allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50k each at N50.50 per share, structured as five new shares for every 22 ordinary shares held as of Oct. 29, 2024.
The Rights Issue, which was opened on Jan.15, will close on Feb. 21.
Mr Kunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings Plc,
acknowledged the NGX Invest as an essential tool in facilitating the rights issue.
Adedeji stated this during the financial institution’s ‘Facts Behind the Rights Issue’ presentation to capital market stakeholders at the NGX in Lagos.
He noted that the platform would enable Stanbic IBTC to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.
Adedeji revealed that the funds raised from the exercise would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure.
The proceeds, he said, would support power sector reforms, including divestments in the energy Distribution Companies (Discos).
They would also explore opportunities in the debt capital market and sustainable finance to foster economic transformation.
He highlighted the growing adoption of NGX Invest as a platform designed to streamline capital raising and enhance investor participation, while appreciating shareholders for their confidence.
Also, Mr Jude Chiemeka, CEO, NGX, said the success of NGX Invest, as a capital-raising platform, reinforced the Exchange’s commitment to providing innovative solutions for issuers and investors.
Chiemeka said qualified investors could seamlessly take up their rights via the platform at https://invest.ngxgroup.com.
According to him, Stanbic IBTC’s confidence in the Exchange’s infrastructure reflects the opportunities NGX continue to create for sustainable growth in Nigeria’s financial markets.(NAN)
22nd January, 2025.C.E
Tags:
