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[Published: Tuesday August 26 2008]

Ecobank offers Africas largest regional public offering

Abuja, 27 August  (ANA)  Ecobanks 2.5 billion USdollars combined Rights Issue and Public Offer launched on Monday has beendescribed as not just the largest on the continent but the first simultaneouscross-border public offering in Africa.

Ecobank Transnational Incorporated (ETI) is listed on theAbidjan Bourse, on the Ghana Stock Exchange in Accra and the Nigerian StockExchange in Lagos.

ETI is offering 3,763,759,981 shares exclusively to itsexisting shareholders at 27 US cents a share (at a ratio of five new shares forevery nine held as at August 18, 2008); while 5,116,499,328 shareswill be offered to the public at 29 US cents a share.

The Rights Issue and the Public Offer are being undertakenat discounts of 20 per cent to shareholders and 12.5 per cent to the public (basedon 30-day volume weighted average price of ETI shares on all three stockmarkets.)

Approvals for the registration and listing of the new shareshave been obtained from the relevant regulatory authorities in Nigeria, Ghanaand the Union Economique et Monetaire Ouest Africaine (UEMOA).

Ecobank Nigeria plc, Stanbic IBTC Bank plc and ICMGSecurities Ltd. are Joint Issuing Houses in Nigeria; EDC Stockbrokers Ltd. andSIC Financial Services Ltd are the Sponsoring Stockbrokers in Ghana and EDCInvestment Corporation and; CGF Bourse are the Sponsoring Stockbrokers in theUnion Economique et Monetaire Ouest Africaine (UEMOA).

Ecobank Development Corporation (EDC) and First Africa SA(Pty) Ltd are financial advisers to the combined Rights Issue and Public Offer.

The chairman of ETI, Mandé Sidibe, said that the proceeds ofthe Rights Issue and Public Offer would be utilised to strengthen Ecobanksgrowth plans to expand its network of branches in the countries where itcurrently operates as well as expand into new countries thereby consolidatingits position as the leading pan-African banking group.

The increased capital will also help upgrade as well asmodernise the groups technology platform.

ETI groups chief executive Arnold Ekpe said that heexpected good shareholder and investor response to the combined Rights Issueand Public Offer across the three stock markets, as investors were well awareof ETIs strong fundamentals.

ETI recently completed a non-deal road show, which involvedover 70 meetings with institutional investors in 18 cities across NorthAmerica, Europe, Asia and Africa.

The feedback from the investors was extremely positive, saysthe bank.

ETI is the holding company of the Ecobank Group, the leadingindependent regional banking group in sub-Saharan Africa with a presence inmore African countries than any other bank.

Currently operating in 25 countries, ETI was established asa regional bank holding company in 1985 with its head office in Lomé.

It has grown to a fullservice regional banking group withover 500 branches and offices and over 10,000 employees in west, central, eastand southern Africa.

ETIs expansion plan includes the opening of newsubsidiaries and branches in other countries in Africa as well asrepresentative offices and international banking facilities in the majorfinancial centres that have substantial trading and transaction links withAfrica including London, Paris, Dubai and Beijing. (ANA)

DD/ANA/27 August 2008 ---

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