Sterling HoldCo resumes trading on NGX after share reconstruction

Sterling Financial Holdings Company Plc has resumed trading on the Nigerian Exchange (NGX) following a 1-for-10 share capital reconstruction. The company’s shares were relisted at a reference price of N77 per share, a mechanical increase from the N7.70 price recorded prior to the trading suspension.

The reconstruction consolidated every ten existing ordinary shares into one new share, reducing the total number of outstanding shares from approximately 68.50 billion to 6.85 billion. This process does not dilute shareholder ownership or change the company’s total market capitalization, which remains at approximately N527.5 billion.

The restructuring followed shareholder approval, a High Court order, and a no-objection from the Securities and Exchange Commission (SEC). The 10-working-day suspension allowed for the reconciliation of holdings by the NGX, the Central Securities Clearing System (CSCS), and Pace Registrars Limited.