Sovereign Trust Insurance Completes Restructuring, N5bn Capital Issue 

Ebere Nwoji

Sovereign Trust Insurance Plc has completed the structuring phase of its planned N5 billion Rights Issue capital raise marking a key milestone ahead of its recapitalisation plan in line with the Nigerian Insurance Industry Recapitalisation Act, NIIRA.

The underwriting firm disclosed this at the signing ceremony of all related parties to the right issue at its corporate head office in Victoria Island, Lagos. 

According to the firm, the signing ceremony signalled the effective conclusion of all internal processes and professional engagements required for the Rights Issue.

The company said with the structuring phase now concluded, its   shareholders would have the opportunity to pick up their rights totalling 2,510,848,144 units, of 50 kobo each at N2.00 per share on the basis of 3 new ordinary shares.

In the same vein, the management has enjoined all shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the rights issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage as NIIRA signals a new direction for the insurance industry in the country.      

 Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc,  Dr. Lucas Durojaiye, said the management of the company had set a growth agenda which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria.