Stanbic IBTC Holdings presents a rights issue valued at N148.7 billion on the Nigerian Exchange (NGX), offering 2,944,772,083 ordinary shares at 50 kobo each. This announcement takes place during the “Facts Behind The Figures” event on January 21, 2025, chaired by Mr. Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited.
The rights issue enables existing shareholders to acquire 5 ordinary shares for every 2.2 shares held, priced at N50.50 per share. The subscription period starts on January 15, 2025, and will end on February 21, 2025, providing shareholders with the chance to expand their investments in Stanbic IBTC Holdings.
Mr. Chiemeka praises Stanbic IBTC’s use of the NGX Invest platform for capital raising, which aligns with NGX’s technology-driven strategy. Dr. Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings, expresses gratitude for NGX’s support and highlights that the company previously secured approval to raise N150 billion during its last Annual General Meeting, with the current goal being N148.7 billion.
Mr. Wole Adeniyi, CEO of Stanbic IBTC Bank, announces that 96.34% of the proceeds will be allocated to strengthening corporate, investment, business, commercial, and personal banking services.
Stanbic IBTC Holdings plans to channel 42% of the funds into corporate and investment banking, 27% into business and commercial banking, and 11% into personal and private banking. Additionally, 2.22% will be used for opening new iconic and green-rated branches and upgrading distribution channels, while 14.1% will be directed toward IT infrastructure improvements. This capital raise is part of the bank’s strategy to comply with the Central Bank of Nigeria’s recapitalization mandate.
If the offer is oversubscribed, it may increase investor sentiment surrounding the company’s stock, which is priced at N59 as of January 22, 2025. Stanbic IBTC continues to maintain a strong long-term buy trend in the Nigerian stock market.
, offering 2,944,772,083 ordinary shares at 50 kobo each. This announcement takes place during the "Facts Behind The Figures" event on January 21, 2025, chaired by Mr. Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited.){kind=link}