ETI seeks to extend offer to Cameroon

ETI seeks to extend offer to Cameroon

September 03 , 2008


-To list on Kenyans Stock Exchange



Proshare NI

September 03, 2008 at 15:43 GMT


Ecobank Transnational Incorporated (ETI) is seeking to extend its on going offer to Cameroon. This was confirmed to Proshare NI by a source at the Media Parley with ETI Management in LagosNigeria.


The source confirmed to Proshare NI that ETI has approached the Central Bank of Cameroon to offer its shares to members of the investing public in that country.


Proshare NI gathered that the offer may open in a few days time in that country as all approvals has been received in respect of this.



“All has been concluded as to this regard and ETI may open the offer in a few days time in Cameroon†the source affirmed.


The source further affirmed that ETI would also open a branch in Cameroon in order to operate in that country.


 In the same vein, the source also affirmed that ETI is seeking to do a post offer listing on the Kenyan Stock Exchange in order to use that as a way to penetrate the East African Market.



Though as at the time of filling this report Proshare NI could not gather more details in respect of the above.



However, at the media parley a document that was made available to Proshare NI; shows some key investment considerations to be made by investors in buying the hybrid offer; which ETI rolled out.



These include, good dividend history, dividends to be paid in United States Dollars (US$), phenomenal capital gains since listing its shares in 2006 on the Floors of the Nigerian Stock Exchange (NSE) by over 122 percent.



Others are strong African brand, listed in three Stock Exchanges; which are Nigeria, Ghana and Ivory Coast amongst others.


ETI on August 25, 2008 opened a cross boarder $2.5 billion (N292.5 billion) hybrid offer.



The Pan African Bank is offering by way of Rights Issue 3,763,759,981 Ordinary Shares of US$0.025 each at US$0.27 per share in ratio of five new shares for every nine existing shares held.


And offer for subscription of 5,116,499,328 Ordinary Shares of US$0.025 each at US$0.29 per share.


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