Ethiopia: Authority Registers Bunna Bank Shares, Approves New Offering

The Ethiopian Capital Market Authority (ECMA) has approved the registration of more than 61.8 million shares held by shareholders of Bunna Bank S.C. and authorized the issuance of an additional 2.6 million shares to existing investors, the regulator said on Thursday.

A public notice, ECMA said it had approved the bank's registration statement, registering 61,895,598 shares already held by shareholders and 2,587,002 new shares that may be offered to existing shareholders.

The registration was carried out in accordance with the Public Offer and Trading of Securities Directive, which requires issuers to register securities with the regulator before they are offered or sold to the public. The directive also mandates the registration of securities held by shareholders before the regulation came into effect.

The approval marks another step in the implementation of Ethiopia's nascent capital market framework, as regulators move to bring previously issued securities under a formal registration regime.

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ECMA emphasized that the registration should not be interpreted as an endorsement of the securities or an invitation to invest.

"The notice is published solely to notify the public of the registration of securities by the Authority," the regulator said, adding that it does not constitute an offer to sell securities or a solicitation of an offer to buy them.

The newly approved shares are expected to be offered exclusively to existing shareholders, according to the registration notice.

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