The stock dropped 3.1 percent to 6.20 naira by the close in Lagos, its lowest since July 3.
Stanbic will cancel four-fifths of its shares this month as part of its group’s restructuring into a holding company, it said on July 26. Shareholders will receive 50 kobo for each share canceled.
The restructuring plans have caused confusion in investors, Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today. “So they are exiting the stock now to wait for the coast to clear before they re-enter,” he said.
To contact the reporter on this story: Vincent Nwanma in Lagos at firstname.lastname@example.org
To contact the editor responsible for this story: Dulue Mbachu at email@example.com