- Sovereign Trust Insurance Plc has secured approval from the Securities and Exchange Commission for a right issue of 2.841 billion ordinary shares.
- The qualification date for the right issue is July 22, 2022.
- The company’s gross premium written rose by 20% in the 2022 financial period, reaching N15.2 billion.
Sovereign Trust Insurance Plc has secured approval from the Securities and Exchange Commission for the company’s proposed right issue of 2.841 billion ordinary shares.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and seen by Nairametrics.
The company said it has obtained approval from the SEC to conduct the signing ceremony concerning the proposed right issue of N2.841 billion ordinary shares of 50 kobos each at 50 kobos per share, based on one ordinary share for every four ordinary shares held.
Qualification date
According to the company, the qualification date for the Rights Issue is 22nd July 2022.
Subject to the approval of the executed offer documents by SEC, the application list is expected to open on the 6th of July 2023 or any other date approved by the Commission and shall open for a maximum period of 28 days.
Rights circulars will be distributed to shareholders while application forms would also be made available on the website of the company’s registrars for ease of access.
Shareholders are advised to contact their stockbrokers and other financial advisers for more details of the offer.
2022 financial performance
Sovereign Trust Insurance Plc has said its gross premium written rose by 20% 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% growth rate for the year.
- “It is quite interesting to note that the company also recorded a 9% increase in its profit before tax of N962 million as against N885 million recorded in the year 2021.