Sterling Financial Holdings Company Plc has finalized its share capital reconstruction exercise, consolidating its issued equity base on a 10-for-1 basis (merging every 10 existing ordinary shares into 1 new ordinary share).
Following regulatory clearance from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX), the newly reconstructed shares—totaling 6.85 billion ordinary shares of ₦0.50 each (down from 68.50 billion ordinary shares)—were formally listed on the Daily Official List of the NGX today, Thursday, October 8, 2026, at a opening price of ₦77.00 per share.
The listing establishes an initial post-consolidation equity market capitalization of ₦527.45 billion ($408.88 million).
Key Capital Structure Dynamics & Market Context
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Share Base Rationalization: By compressing its outstanding float from 68.50 billion shares to 6.85 billion shares, Sterling Financial reduces share overhang, elevates its per-share market price, and improves key per-share performance metrics, including Earnings Per Share (EPS) and Net Asset Value (NAV) per share.
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Capital Neutrality at Listing: The 10-for-1 consolidation is market-cap neutral at execution. The ₦77.00 listing price directly reflects the 10x multiplier against the implied pre-consolidation closing price of ₦7.70 per share, preserving total shareholder equity value while creating a tighter trading float.
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