Sovereign Trust Insurance Plc to raise more capital

Onaolapo

Chuks Udo Okonta

 

Sovereign Trust Insurance Plc in fulfillment of one of the resolutions reached by Shareholders at its 18^th Annual General Meeting (AGM) held last year, which empowered the Directors to raise additional equity capital by way of special placement or Public Offer/Rights Issue or a combination of any of them, has put plans in place to embark on another Rights Issue aimed at consolidating and repositioning its operations.

The Rights Issue which is due to commence very soon will put on offer one (1) new ordinary share for every three (3) ordinary shares of 50 kobo each held in the company as at the close of register during the last Annual General Meeting.

Consequently, the Management enjoins all Shareholders of the company to take full advantage this second time around, by fully exercising their rights in the proposed Rights Issue as a way of consolidating and increasing their stake in the ownership of this very dynamic and forward-looking insurance company in the country. The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.      

The Managing Director of the giant underwriting firm, Wale Onaolapo, said the company has set a growth agenda which is aimed at positioning the underwriting firm as one of the top players in the insurance industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism. 

He called on its teeming Shareholders to lend total support to the Rights Issue once it’s placed on offer in achieving the various objectives that have been set before the organization. He equally noted that the company is committed to creating exceptional value to all its Shareholders.

“In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by fully subscribing to the Rights Issue and ultimately grow their investments in the company,” he said.

He said Sovereign Trust Insurance Plc is working assiduously towards being one of the most preferred Insurance companies in the country for people to do business with, invest in as well as be the choice Employer of Labour.

No doubt, the confidence reposed in the Board and Management of Sovereign Trust Insurance Plc by its Shareholders, is enough impetus for wanting to do more and exceptionally well for the interest of all.