Sterling Financial Holdings to Raise $400m

Sterling Financial Holdings to Raise $400m

Sterling Financial Holdings Plc’s market value rose to N323 billion in the Nigerian stock market as investors’ sentiment improved amidst plan to raise $400 million.

The financial services company’s share price rose to N6.2 at the beginning of the week as 36.637 million units of Sterling Financial Holdings Plc valued at N234.523 million were transacted in the local bourse.

At the current market value, the banking stock is trading at a moderate discount to its 52-week high on the Nigerian Exchange trading platform.

At the annual general meeting last week, Sterling Financial Holdings Plc passed a resolution to raise $400 million through the establishment of a Shelf Programme.

The amount is expected to be raised to boost the Sterling Plc capital. Details from the special resolutions indicated that the amount can also be raised in local currency.

“The capital may be raised in tranches or otherwise over a specified period through the issuance of debt instruments”, details from the resolutions passed read. #Sterling Financial Holdings to Raise $400m

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