At its 12th Annual General Meeting held in Lagos, the shareholders of Stanbic IBTC Holdings Plc approved several key capital raising initiatives proposed by the company.
The shareholders approved the Board’s proposal for a N400 billion debt issuance program and additional N150 billion in equity capital.
For the debt issuance program, shareholders gave the green light for the establishment of a Debt Issuance Program up to N400 billion or its foreign currency equivalent. This program will allow the company to issue various forms of debt securities, including senior unsecured or secured, subordinated, convertible, preferred, equity-linked, or other debt obligations. These can be issued through public offerings, private placements, additional tier one or tier two capital raising, investments, book building processes, or any other methods deemed appropriate by the Directors. The execution of this program is subject to obtaining all necessary regulatory approvals.
The Directors are also authorized to engage professional parties necessary for the implementation of the Debt Issuance Program, ensuring compliance with all regulatory directives.
In addition to the debt program, the shareholders approved the raising of up to N150 billion in equity capital. This capital can be raised through a Rights Issue or an offer for subscription, under terms and conditions to be determined by the Directors, and subject to necessary regulatory approvals. In case of under-subscription, the Directors are authorized to offer the unsubscribed shares first to existing shareholders. If shares remain unsubscribed after this offer, the Directors can then offer them to interested investors on similar terms.
Furthermore, the shareholders approved a 50 kobo dividend payment for the financial year ending December 31, 2023.
Source : Business Day
