Sterling Bank Rejoins NGX as Sterling Financial Holdings

By Aduragbemi Omiyale

The shares of Sterling Bank Plc have been delisted from the Nigerian Exchange (NGX) Limited and have been replaced with the stocks of Sterling Financial Holdings Company Plc.

This was done after Sterling Bank rejigged its business model and adopted the holding company structure to allow it to play in the different sectors of the financial industry.

Prior to the listing of the new organisation on the local stock exchange, the equities of the old public entity were placed on full suspension to allow for a smooth process.

Business Post reports that the delisting and relisting of the stocks were carried out at the bourse on Thursday, April 6, 2023, as confirmed via a notice signed by Ms Lilian Dako for the Head of Listings Regulation Department of the stock exchange.

According to the disclosure, the shares of Sterling Financial Holdings were listed on the NGX’s trading platform at N1.60 per unit.

“We refer to our market bulletin with reference number NGX REG/LRD/MB16/23/03/30, dated March 30, 2023, wherein the market was notified that trading in the shares of Sterling Bank Plc was placed on full suspension effective Thursday, March 30, 2023, in preparation for the scheme of arrangement between the bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the bank.

“The market is hereby notified that the entire 28,790,418,126 issued shares of Sterling Bank were delisted from the daily official list of Nigerian Exchange (NGX) Limited today, April 6, 2023, while Sterling Financial Holdings Company Plc’s entire issued share capital of 28,790,418,124 ordinary shares of 50 Kobo each were also today, listed on the daily official list of NGX at N1.60 per share.

“The delisting of Sterling Bank and listing of Sterling HoldCo on NGX is pursuant to the scheme of arrangement between Sterling Bank Plc and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court,” the disclosure said.