Ethiopia: Undesirable Side Effect of New Guideline On Relinquishing Shares

opinion

The long-standing saga that has held foreign nationals of Ethiopian origin who are shareholders in financial institutions in limbo for about two years was resolved after the National Bank of Ethiopia issued a guideline effective from 28 October 2016.

The guideline instructs financial institutions to pay dividends up until 30 June 2016, buy their own shares at par value, keep them in temporary asset account, sell them back in auction and transfer any proceeds above par values to the treasury.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.