At the 2nd Annual General Meeting (AGM) of Sterling Financial Holdings Company Plc held on July 11, the board got the shareholders approval to raise up to $400 million, its equivalent in Naira or other currencies through the establishment of a Shelf Programme.
The capital will be raised in tranches or otherwise over a specified period through the issuance of debt instruments (including, but not limited to, bonds that may be convertible or non-convertible, commercial papers, sukuks, medium or short-term notes, and debentures), preference shares, ordinary shares, global depositary receipts, or a combination thereof, in the Nigerian and/or international capital markets.
It will be raised whether by way of public offer, private placement, rights issue, or any other method, at prices, coupons or interest rates determined through book building or any other acceptable valuation method, or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the Board of Directors of the Company.
