Sterling Financial Holdings Company Plc has secured shareholders’ approval to raise up to $400 million through a newly established Shelf Programme.
At its 2nd Annual Meeting General Meeting held on July 11, 2025, Sterling HoldCo shareholders authorised the company to raise the capital in tranches or via alternative structures.
The funds may be raised through debt instruments including bonds, commercial papers, sukuks, medium- or short-term notes, or via equity offerings such as preference shares, ordinary shares, global depositary receipts or a combination of these instruments.
The capital raise could take place in both Nigeria and international markets.
The company’s board also received approval to increase Sterling HoldCo’s share capital by issuing new shares within a two-year period from the resolution date, in line with sections 127 (1) and 149 (1) of the Companies and Allied Matters Act, 2020.
According to the company, shares not taken up within the stipulated time will be offered to other interested shareholders.
“That in the case of a rights issue, shares that are not taken up by existing shareholders within the period stipulated under such rights issue may be offered to other shareholders of the Company that have indicated their interest in purchasing additional shares arising from the rights issue, subject to the terms and conditions as may be determined by the Board.
“That the Board be and is hereby authorised to seek the listing and admission to trading of any securities issued pursuant to the foregoing resolutions, on the relevant market of the Nigerian Exchange Limited, or on the relevant market of FMDQ Securities Exchange Limited, or on both, or on such other securities exchange in Nigeria or elsewhere.”
During the meeting, the board approved the company’s financial statement for the 2024 financial year and declared a dividend of 18 kobo per ordinary share of 50 kobo to shareholders whose names appear in the Register of Members as at July 1, 2025.
