Thursday, November 7, 2024
34 C
Lagos

Sovereign Trust Insurance Rights Issue Opens June 24

The Management of Sovereign Trust Insurance Plc has announced the opening of the company’s Rights Issue for existing Shareholders. The Rights Issue commenced on Monday, June 24, 2019, and will run through July 31, 2019.

The company is offering 4,170,411,648 (Four Billion, one hundred and seventy million, four hundred and eleven thousand, six hundred and forty-eight) ordinary shares of 0.50k each at 0.50k per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 0.50k each held as at the close of register on Tuesday, January 15, 2019.

In the same vein, the Management has enjoined all Shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the Rights Issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage.

Mr. Olaotan Soyinka, Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, said the Management of the company has set a growth agenda which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria. The Managing Director’s appeal to Shareholders of the company was unequivocal.

“In achieving this aspiration, 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 subscribing fully to the Rights Issue and ultimately grow their investments in the company.”

Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc
Olaotan Soyinka
Managing Director/CEO
Sovereign Trust Insurance Plc

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.

Judging by the results of the performance of the company in the last financial year in 2018, it leaves no one in doubt that the company is set for the path of profitability. It is quite interesting to note that the company recorded a marked positive shift from what was recorded in the financial year of 2017 when compared to the 2018 financial year performance.

The company recorded a Gross Premium Written of N10.5 billion representing a 23% increase over the N8.5 billion recorded in 2017. The Net premium income equally grew by 31% to N5.5 billion over the sum of N3.85 billion recorded in the corresponding year.

In the same vein, the company recorded a Profit Before Tax of N540 million as against N202 million recorded in year 2017 representing over 167% increase. Profit after tax also stood at N344 million, a 118% increase when compared with the sum of N158 million recorded in 2017.

Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.29% as against 1.87% achieved in the corresponding year of 2017. Similarly, the earning per share improved by 118% from 1.89kobo in 2017 to 4.13kobo in 2018.

The company’s Total Assets rose from N10.8 billion to N11.3 billion representing 5% increase while the shareholders’ fund increased by 6% from N5.5 billion in 2017 to N5.8 billion in 2018.

Certainly, there are brighter days ahead and the opportunity for the shareholders to latch on to the bright side of life with Sovereign Trust Insurance Plc is now.

spot_img
spot_img
spot_img

Hot this week

Continental Re Seeks Entries for 10th Pan African Re/Insurance Journalism Awards 2025

Continental Reinsurance Plc, a leading Pan-African reinsurer, is proud...

Cloud Energy Unveils 200 Watts Street Light Bulbs, Rooftop Panel Campaign

Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry...

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

NCDMB ES, Lagos Gov Commission Bell Oil and Gas’ Pipe Threading, Valve Assembly Plant

A multi-million-dollar pipe threading and valve assembly facility built...

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Polaris Bank's commitment to digital innovation and excellence has...

Topics

‘Recapitalisation will Strengthen Banks in Nigeria’

  The International Monetary Fund (IMF) says recapitalisation will strengthen...

NCC, Zoho, Africa Data Centre, IHS for Pan African Digital Summit 

The Nigerian Communications Commission (NCC), the regulator of Nigeria’s...

World Bank: 573m People in sub-Saharan Africa Lack Electricity

Despite significant progress in recent years, the world is...

Sterling Unveils Omni X Platform, Breaks New Ground in Liquidity Mgt

Abubakar Suleiman CEO Sterling Bank Plc In a bid to improve banking...

TV: Primary Source of Information in Africa

A recent study by the Northwestern University in Qatar...

NCC, IXPN Pledge Support for 2023 Nigeria DigitalSENSE Africa Forum

  The Nigerian Communications Commission (NCC) and Internet Exchange Point...

SAFER LAGOS INSURANCE: Lagos Partners NIA on Insurance of Public Buildings

KEYNOTE ADDRESS OF THE DIRECTOR GENERAL/CEO OF THE LAGOS...

AMCON CEO at Inter-Agency Committee Meeting on Debt Recovery

The Chairman of Independent Corrupt Practices and Other Related Offences...
spot_img

Related Articles

Popular Categories

spot_imgspot_img