Insider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares

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Mr. Abubakar Suleiman, Managing Director/Chief Executive Officer of Sterling Bank Plc, acquired an additional 750,000 shares (N1.32 per share) of the Bank in accordance with the Nigerian Stock Exchange policy on insider dealing.

This was issued in a statement signed by the Company Secretary, Temitayo Adegoke released through the Nigerian Stock Exchange. According to the lender, the transaction took place on the Nigerian Stock Exchange floor, 1st, July 2020.

Insider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares
Abubakar Suleiman, MD/CEO, Sterling Bank Plc | www.brandspurng.com

Earlier, Brand Spur reported Mr. Abubakar Suleiman, Managing Director of the Bank, insider dealing of 18,457,500 shares at N1.24 per share from the company on July 16, 2020. This was alongside the disclosure made by the lender about insider dealings of 18,896,605 shares acquired by four of its Executive Directors between July 13 and 16, 2020.

The Managing Director has purchased a combined 19,207,500 shares, valued at N23,877,300.00, all in the month of July.

A peek at the company’s H1 2020 financials

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The Bank’s results released on its website showed that the growth in balance sheet driven by an increase in cash balances with the CBN on account of a hike in CRR.

Overall, the Bank delivered a profit after tax of N5.41 billion in the first half of the year on gross earnings of N70.2 billion in the first half of 2020 compared with a PAT of N5.7 billion on gross earnings of N72.3 billion during the corresponding period of 2019.

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Despite this, the lender achieved an 18.2% growth in low-cost funds which saw its CASA mix improve to 69% from 60%, delivering a 2.5% growth in customer deposits.

Speaking on the financial performance, the chief executive officer (CEO) of Sterling Bank, Mr. Abubakar Suleiman said that:

“Our impressive half-year performance in the face of the COVID-19 pandemic and the ensuing economic disruption belies the rough seas ahead. In the second quarter of the reporting period, we focused on empowering our stakeholders to respond to the unprecedented disruption occasioned by prolonged restriction to movement while supporting them to adapt to new ways of banking.”

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Sterling Bank maintained a strong capital and liquidity position recording 15.6% and 33.5% respectively above the regulatory benchmark.

Insider Dealing: Abubakar Suleiman Buys Additional 2,199,373 Sterling Bank Shares
Notification of Insider Dealing | www.brandspurng.com

 

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Insider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares - Brand SpurInsider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares - Brand Spur

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Insider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares - Brand SpurInsider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares - Brand Spur

Latest News

The Boutique Hotel Under Gudou Holdings Co., Ltd. Further Expands to Panyu District, Guangzhou— Guangzhou Gudou Quanfeng Residence Officially Opens on 10 February 2021

HONG KONG SAR - Media OutReach - 25 February 2021 - Gudou Holdings Limited ("Gudou Holdings" or "Company", which together with its subsidiaries, is referred to as the "Group", SEHK stock code: 8308), is pleased to announce that Guangzhou Gudou Quanfeng Residence, the Group's first boutique hotel project in Panyu District, Guangzhou City, has officially opened on 10 February 2021.

Guangzhou Gudou Quanfeng Residence has 33 guest rooms, including 2 two-bedroom suites and 3 three-bedroom suites. The design is modelled on one of the ancient Lingnan (southern Chinese) architectural style, "Guanyindou", which features the shape of two handles of a wok on either sides of the roof of a building in the ancient town of Shawan, Panyu. Carrying on the tradition of the "Gudou" brand, the hotel organizes one-stop leisure and entertainment activities and are installed with comprehensive facilities to provide a new experience for tourists who prefer to enjoy the finer things in life in the traditional ambience.

Guangzhou Gudou Quanfeng Residence is conveniently located in the Hills Ecool Creative Park in Panyu, which occupies a total site area of​​340,000 square meters at the southern tip of Panyu District. The hotel is easily accessible by a developed network of roads around the Hills, including South China Expressway, Xinguang Express, Nansha Port Express and other highways. Therefore, it is easy to travel from the hotel to Zhujiang New Town in Guangzhou, and thus elsewhere in the Pearl River Delta. It takes five minutes to reach the Chimelong Paradise, and the Blessing Colorful World within easy reach. The Clifford Station on Metro Line 21 will also be opened in 2021 and it is only an about 10-minute walk from the hotel. In the Panyu Golden Valley Eko Creative Park, a head office for environmental operation of business and a district for shopping and leisure will be built. Such plan has earned the park a reputation as "China's Number One Low-Carbon Community". The rising occupancy rates of the office buildings in Panyu will also mean an increase in business travelers who, in turn, can drive up the occupancy rates of the hotel and the spending there.

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There are many well-known tourist attractions near Guangzhou Gudou Quanfeng Residence, including Chimelong Paradise, Blessing Colorful World, Dafu Mountain Forest Park, Lianhua Mountain Tourist Area, Shawan Ancient Town and IKEA Store, which is popular with young people. The Evergrande Football Stadium, which can seat 100,000 spectators, is also expected to be completed in 2022 and will be able to accommodate tourists who stay in Guangzhou for two days and one night.

Mr. HON Chi Ming, Chairman, Chief Executive Officer and Executive Director of the Group, said, "The Group is very satisfied and encouraged by the opening of the Guangzhou Gudou Quanfeng Residence. The hotel is conveniently located in an area where there are comprehensive facilities. Therefore, the area is expected to attract a large number of tourists. Since the apartment hotel has already been renovated and equipped with upgraded facilities and soft furnishings, not much more capital will be required for putting the hotel in operation in a short time. This means cost-effectiveness at the hotel and can quickly responding to the trend of tourism recovery. Looking ahead, tourism property development will remain the focus of the Group's business development. Specifically, we will actively expand our tourism property business in Guangdong Province, provide more quality services to meet customer needs, and increase investors' awareness of Gudou Holdings' brand. All this is aimed at creating better returns."


About Gudou Holdings Limited

Gudou Holdings is a hot spring resort and hotel operator and a tourism property developer in the People's Republic of China ("PRC"). It principally engages in (i) the operation and management of the hot spring resort and hotel facilities of Gudou Hot Spring Resort, which is a national AAAA-level tourist area, and provision of consultancy and/or management services; and (ii) the development and sale of tourism properties in Guangdong Province. The "Gudou" brand is a well-known brand of integrated hot spring resort in the PRC. Gudou Holdings operates six theme hotels, among which Royal SPA Hotel was rated as a five-star hot spring by the National Hot Spring Tourism Enterprise Star Rating Committee in 2020. The resort complexes with a variety of leisure and recreational facilities, including hot spring facilities, hotels, commercial stores, food and beverages outlets, recreational waterpark, a spa centre, a conference centre, parks, tourist attractions and other ancillary leisure and recreational facilities. The Group's newly established Guangdong Gudou Quanfeng Cultural Tourism Development Co., Ltd. has further expanded its presence to Guangzhou with the official opening of Guangzhou Gudou Quanfeng Residence on 10 February 2021, marking the latest headway following the official operation commencement of Gudou Spring Superior Hotel, located in the center of Jiangmen on 15 January 2021.


Insider Dealing: Abubakar Suleiman Buys Additional 750,000 Sterling Bank Shares - Brand Spur
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