Business
Why NGX suspended trading in shares of Sterling Bank
Trading on Sterling Bank shares has been suspended by the capital market authority, Nigerian Exchange Limited (NGX), as the lender restructures its operation.
In a document obtained on Monday, the stock market authority said trading in Sterling Bank shares was suspended on Thursday due to the ongoing Scheme of Arrangement between the firm and the shareholders of its fully paid ordinary shares.
“Trading License Holders and the investing public are hereby notified that trading in the shares of Sterling Bank Plc (the Bank) was suspended on Thursday, 30 March 2023,” the document reads.
“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the Scheme of Arrangement between the Bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the Bank.
READ ALSO: Sterling Bank bars directors from trading shares, risks regulatory sanction
“The suspension is required for the purpose of determining the shareholders who will qualify for the scheme.”
Sterling Bank is in the process of transforming into a Holding Company (HoldCo), which would allow the company to establish several subsidiaries that are not core banking.
The HoldCo will become the parent company, enabling Sterling to branch into other sectors such as fintech, asset management, pensions and insurance.
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