business
Sterling HoldCo Boosts Capital with 16.67bn Additional Shares
Sterling Financial Holdings Company Plc has strengthened its market position by listing an additional 16.67 billion ordinary shares on the Nigerian Exchange Limited (NGX) after concluding its private placement.
The NGX confirmed this development in a market bulletin issued on Monday, March 17, 2025.
The newly listed shares stem from Sterling HoldCo’s private placement of 16,666,666,667 ordinary shares at a nominal value of 50 kobo each, priced at N4.50 per share. This move raises the company’s total issued and fully paid-up shares from 28.79 billion to 45.46 billion.
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In the official statement signed by Godstime Iwenekhai, NGX’s Head of Issuer Regulation, the exchange noted, “Trading License Holders are hereby notified that an additional 16,666,666,667 ordinary shares of 50 kobo each of Sterling Financial Holdings Company Plc were today, Monday, March 17, 2025, listed on the Daily Official List of Nigerian Exchange Limited.”
This milestone comes after the Central Bank of Nigeria approved Sterling HoldCo’s N75 billion capital raise to comply with its new capital threshold. Following the private placement, Sterling HoldCo also introduced a rights issue in October 2024, allowing existing shareholders to expand their stakes and be part of the company’s ongoing growth.
Sterling HoldCo’s latest move highlights its strategy to fortify its financial foundation while maximizing shareholder value. This initiative aligns with broader market trends aimed at enhancing Nigeria’s financial landscape and attracting more investment into the capital market.
The company’s growing share capital signals a promising path forward, showcasing its dedication to sustainable growth and long-term value creation.
