By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) on Tuesday said it has put on hold the N20.4 billion rights issue of lender Stanbic IBTC Holding Company Plc following investigations.

“This is to inform the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue earlier approved by the Commission is hereby put on hold in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the Financial Reporting Council (FRC),” the Commission said in a statement.

The Commission putting on hold of the rights issue came on the heels of an ongoing investigation by the FRC on the financial statements of Stanbic IBTC Holding Plc.

“In view of these, the rights issue exercise has been suspended until proper resolution of issues raised,” SEC added.

On June 10, 2015, Stanbic IBTC said it plans to raise N20.4 billion fresh funds via a rights issue and offered to existing shareholders 8.0 million ordinary shares of 50 kobo each at N25.50 per share.

The rights issue was on the basis of two (2)new ordinary shares for every 25 ordinary shares held.

Shares of Stanbic IBTC at the close of today’s trading on the Nigerian bourse climbed up 3.78 percent to N25.01 from N24.10 traded on Monday; gaining 0.91 kobo per share.