At the 2nd Annual General Meeting (AGM) of Sterling Financial Holdings Company Plc held on July 11, the board got the shareholders approval to raise up to $400 million, its equivalent in Naira or other currencies through the establishment of a Shelf Programme.
The capital will be raised in tranches or otherwise over a specified period through the issuance of debt instruments (including, but not limited to, bonds that may be convertible or non-convertible, commercial papers, sukuks, medium or short-term notes, and debentures), preference shares, ordinary shares, global depositary receipts, or a combination thereof, in the Nigerian and/or international capital markets.
It will be raised whether by way of public offer, private placement, rights issue, or any other method, at prices, coupons or interest rates determined through book building or any other acceptable valuation method, or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the Board of Directors of the Company.
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The capital raise will also be subject to the procurement of requisite approvals from the relevant regulatory authorities.
“That in furtherance of the Shelf Programme, the Board be and is hereby unconditionally authorized pursuant to sections 127(1) and 149(1)(a) of the Companies and Allied Matters Act 2020 (as amended by the Business Facilitation Act 2022), to increase the share capital of the Company by the allotment of shares of the Company at any time necessary for a period of 2 (two) years from the date hereof.
“That in the case of a rights issue, shares that are not taken up by existing shareholders within the period stipulated under such rights issue may be offered to other shareholders of the Company that have indicated their interest in purchasing additional shares arising from the rights issue, subject to the terms and conditions as may be determined by the Board,” the shareholders specially resolved at the AGM.
At the meeting, the company’s Audited Financial Statements for the year ended December 31, 2024, and the reports of the Directors, Auditors and the Statutory Audit Committee were received and approved.
The company also got shareholders nod to pay a dividend of 18 kobo per ordinary share of 50 kobo each to the members whose names appear in the Register of Members as at July 1, 2025 in respect of the financial year ended December 31, 2024, subject to the deduction of appropriate withholding tax at the time of payment.
