Sterling Financial Holdings relists on NGX at N77.00 after 1-for-10 reconstruction

Sterling Financial Holdings Company Plc has relisted on the Nigerian Exchange after completing a 1-for-10 share reconstruction, trading at a reference price of N77.00. This reconstruction reduced the total outstanding shares by 90%, from 68.50 billion to 6.85 billion shares, while leaving the company's market capitalization unchanged at approximately N527.5 billion.

The restructuring was approved by shareholders at the company's Annual General Meeting, following a High Court order and a clearance from the Securities and Exchange Commission (SEC). The shares were delisted on October 8, 2026, and the reconstructed shares were listed on Thursday. Cowry Asset Management Limited noted that the reconstruction does not necessarily create additional shareholder value, but it may improve the company's capital-market profile.

Investors should not interpret the adjusted price as evidence of increased shareholder wealth. Instead, they should await the company's latest financial results and market price discovery to determine the true value of the reconstructed shares.