Sterling Bank’s shareholders approve ₦12b rights issue

Shareholders of Sterling Bank Plc have empowered the board of directors of the bank to undertake supplementary shares issue as members of the bank lauded the performance of the bank in 2012.

At the bank’s annual general meeting which held in Lagos recently, shareholders in what appeared as a show of confidence indicated interests to subscribe to further shares in the bank with the approval of rights issue of up to six billion ordinary shares of 50 kobo each. Although the offer details are yet to be finalised, the board indicated it plans to raise ₦12 billion through rights issue.