Shareholders approve floating of Sterling Financial Holdings Company

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BY BAMIDELE FAMOOFO

Uba Group

Shareholders of Sterling Bank Plc, one of Nigeria’s commercial banks listed on the Nigerian Exchange Limited, have approved the floating of Sterling Financial Holdings Company Limited, whose shares will be listed on the NGX.

Under the Scheme of Arrangement as ordered by Court, the shares of Sterling Bank Plc will be delisted on the NGX. The shares will however be transferred to the Holdings Company under which a new entity Sterling Bank Limited will operate.

“In accordance with the Scheme of Arrangement, the 28,790,418,124 (Twenty Eight Billion, Seven Hundred and Ninety Million, Four Hundred and Eighteen Thousand, One Hundred and Twenty Four) ordinary shares of 50 Kobo each in the issued and paid-up share capital of the Bank held by the Scheme Shareholders be and are hereby transferred to Sterling Financial Holdings Company Limited (“HoldCo”) in exchange for the allotment of 28,790,418,124 (Twenty Eight Billion Seven Hundred and Ninety Million Four Hundred and Eighteen Thousand One Hundred and Twenty Four) ordinary shares of 50 Kobo each in the share capital of the HoldCo to the shareholders in the same proportion to their shareholding in the Bank credited as fully paid without any further act or deed,” a statement signed by Temitayo Adegoke, Company Secretary of the bank disclosed.

The Bank will transfer all the assets, liabilities and undertakings related to the non-interest banking business to The Alternative Bank Limited in accordance with the Scheme of Arrangement, all of the shares held by the Bank and its nominee in The Alternative Bank Limited, together with all rights and liabilities attached to such shares, shall be transferred to HoldCo. The Alternative Bank Limited will be a direct subsidiary of HoldCo.

Meanwhile, the Board of Directors of the Bank have been authorised to take all necessary actions to delist the shares of the Bank from the official list of Nigerian Exchange Limited.

Furthermore, Adegoke hinted that the Board of Directors of the Bank have also been authorized to do all such other acts and take all such actions as are required to give effect to the Scheme, including consenting to any modifications of the Scheme of Arrangement or any conditions that the Central Bank of Nigeria, the Securities and Exchange Commission, the Federal High Court or any other regulatory authority may think fit to approve or impose.