One of the leading financial services companies in Nigeria, Stanbic IBTC Holdings Plc, has taken its N148.7 billion rights issue to the e-offering platform of the Nigerian Exchange (NGX) Plc, NGX Invest.
Subscription for the rights issue of the organisation commenced on Wednesday, January 15 and will close on Friday, February 21, 2025.
The exercise allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share on the basis of five new shares for every 22 ordinary shares held as of October 29, 2024.
To streamline the rights issue and enhance investor participation, Stanbic IBTC has decided to join the others, who have used the NGX Invest for a similar transaction.
Business Post reports that qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com.
The chief executive of the NGX Limited, Mr Jude Chiemeka, said, “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.”
On his part, the acting chief executive of Stanbic IBTC, Mr Kunle Adedeji, noted that the platform would enable the company to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.
He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue.
Mr Adedeji emphasized that the funds raised 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 will also support power sector reforms, including divestments in distribution companies (Discos), and explore opportunities in the debt capital market and sustainable finance to foster economic transformation.
The chief executive of NGX Group, Mr Temi Popoola, stated, “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.