Sovereign Trust Insurance Plc says its special business for the company’s 22nd Annual General Meeting slated for September 21, 2017, will focus on increasing the authorised share capital of the company from N5.5bn to N7.5bn.

This, it noted, would happen by the creation of 4,000,000,000 ordinary shares of 50 kobo each ranking pari passu in all respect with the existing ordinary shares of the company.

In a statement on Tuesday, the insurance firm said it had been granted approvals for its 2016 annual report and accounts by the various regulatory authorities in the country.

The company said the meeting would take place at the Civic Centre in Lagos.According to it, the meeting will consider the audited financial statements for the year ended December 31, 2016, as well as the reports of the directors and the audit committee.

The agenda also include the re-election of directors who are still eligible and at the same time authorise the directors to fix the remuneration of the auditors, while the shareholders are expected elect their representatives that will serve on the audit committee.

The statement added, “The meeting will also authorise the directors to raise additional equity capital for the company up to the maximum limit of the authorized share capital, whether by way of special placement, public offer or rights issue or a combination of any one of them, either locally or internationally.”

Sovereign Trust Insurance is a wholly owned Nigerian company.