Leadership (Abuja)
Amaka Ifeakandu
27 August 2008
Ecobank Transnational Incorporated (ETI) $2.5 billion hybrid offer which opened on Monday has been described as the first largest and simultaneous cross border public offering in Africa .
The bank is listed on three Stock Exchange, Abidjan's Bourse Regional Des Valeurs Mobilieres, Ghana Stock Exchange in Accra and the Nigerian Stock Exchange in Lagos,
Details of the offer showed that 3,763,759,981 shares is been offered to existing shareholders of ETI at the rate of $0.27 per share at a ratio of five new shares for every nine held by investors as at August 18, 2008, while 5,116,499,328 shares offered for public subscription at the rate of $.0.29 per share.
The right issue and public offering are being undertaken at discount rate of 20.0 per cent to shareholders and 12.5 per cent to the public based on 30-day volume weighted average price of ETI shares on all stock markets.
The management of the bank said that it has received approval for the registration and listing of the new shares from the relevant regulatory authorities in Nigeria , Ghana and Union Economique et Monetaire Quest Africaine (UEMOA).
The joint issuing houses in Nigeria are Ecobank Nigeria plc, Stanbic IBTC plc and ICMG Securities while EDC Stockbrokers Limited and SIC Financial Services Limited are the sponsoring stockbrokers in Ghana, and EDC Investment Corporation and CGF Bourse are the sponsoring stockbrokers in the Union Economique et Monetaire Quest Africaine (UEMOA).
However Ecobank development Corporation (EDC) and First Africa SA (Pty) Limited are financial advisers to the combined right issue and public offer.
Speaking at the official launching of the offer in Lagos , the Chairman, Ekobank Nigeria Plc, Mr John Odeyemi said that the public offering is an evidence that Africans have come of age
He said that ETI banking operation has dual mission of building quality financial institution and contributing to the economic development of African countries.
Odeyemi stated that the bank which operates in 25 countries provide full banking services with range of consumers product that was packaged to meet the needs of its customers.
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