Stanbic IBTC Floats N148.7bn Rights Issue
Stanbic IBTC Holdings Plc has launched an N148.7bn rights issue through the Nigerian Exchange’s (NGX) e-offering platform, NGX Invest.
The rights issue, which was unveiled at the Facts Behind the Rights Issue event, has been open since January 15 and will close on February 21, 2025.
The offering allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share, structured as five new shares for every twenty-two ordinary shares held as of October 29, 2024.
Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, lauded the growing adoption of NGX Invest.
He stated, “The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike. Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”
Acting Chief Executive of Stanbic IBTC Holdings Plc, Kunle Adedeji, highlighted the strategic importance of the rights issue, emphasising that the funds raised would support critical growth sectors.
“This rights issue will drive expansion in areas such as oil and gas, particularly liquefied petroleum gas (LPG), compressed natural gas (CNG), and gas infrastructure,” Adedeji said.
He added, “Additionally, the proceeds will bolster power sector reforms, including divestments in distribution companies, and explore opportunities in the debt capital market and sustainable finance.”
He further acknowledged the platform’s role in meeting regulatory requirements while delivering value to shareholders.
Group Managing Director and CEO of Nigerian Exchange Group, Temi Popoola, highlighted NGX Invest’s broader impact on Nigeria’s financial markets.
“At NGX Group, we are committed to fostering innovation that drives economic growth and empowers issuers to achieve their goals. NGX Invest exemplifies how we continue to position the Exchange as the preferred destination for capital formation in Africa,” he said.
Stanbic IBTC Floats N148.7bn Rights Issue is first published on The Whistler Newspaper
