Sterling Bank Is Selling N19.8billion Worth of Shares To A “Strategic Investor” Via Private Placement

Reuters reports Sterling Bank said “it would seek shareholder approval on November 11, to raise up to $200 million in debt or equity.”

The article also reports Sterling Bank said it would issue up to N19.8 billion ($120.3 mln) worth of shares to a strategic investor via a private placement at N2.65  each.

Sterling Bank shares closed today at N2.33 and has returned a negative 3.7% in the last one year according to Bloomberg data.

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See article Reuters