Stanbic IBTC Holdings Lists 64.21m Scrip Shares

• Stanbic IBTC Holdings Lists 64.21m Scrip Shares

Stanbic IBTC Holdings Plc has listed about 64.21 million ordinary shares of 50 kobo each to raise its total outstanding shares to about 10.114 billion ordinary shares of 50 kobo each at the weekend.

The supplementary shares were due to the scrip dividend scheme offered by the holding company to eligible shareholders who elected to receive new ordinary shares in lieu of 50 kobo cash dividend declared for the business year ended December 31, 2017.

Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

The holding company had in 2017 listed 49.466 million ordinary shares of 50 kobo each in the names of shareholders that elected to receive shares in exchange for the 5.0 kobo final dividend declared for the year ended December 31, 2016 as well as the 60 kobo interim dividend declared for the period ended June 30, 2017.

Stanbic IBTC had in 2012 adopted a holding company structure in line with the new banking regulatory regime of the Central Bank of Nigeria (CBN). Under the structure, the subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Ventures Limited and Stanbic IBTC Investments Ltd. Stanbic IBTC Nominees Nigeria Limited and Stanbic IBTC Bureau de Change Limited are the only subsidiaries of Stanbic IBTC Bank.