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   Market Date: 30-09-2014   
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ETI Share Certificates will be Issued Early âÃÂ

Category: Public Offers Private Placements


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ETI Share Certificates will be Issued Early âÃÂ

The Managing Director of Ecobank Nigeria Plc, Mr. Offong Ambah has assured the teeming subscribers to the ongoing Ecobank Transnational Incorporated (ETI) Cross Border Hybrid Offer that the Pan African Banking Group would do all in its powers to issue share certificates as soon as the offer ends.

 

Speaking during a courtesy call on the Oba of Lagos, His Royal Majesty, Oba Rilwan Akiolu, pledged the Group’s commitment to ensuring that subscribers have access to their share certificates as soon as allotments are completed for the benefit of those who wants to trade.

 

“We recognize that for one reason or the other, which may not altogether be the fault of the company doing the issue, there are problems of certificate issuance in the market. “But because of the reputation of the ETI Group, we would endeavour to ensure it does not happen on this offer. As soon as we finish allotment and it is approved by the regulators, we proceed in issuing share certificates.

 

He recognized that there would be timing differences in terms of when each individual subscriber gets his or her certificate but assured that “we will try and be as fast as possible about it.”

 

Responding, Oba Akiolu praised the management of ETI for envisioning a Pan African financial institution capable of connecting the various peoples of the continent. The traditional ruler said the $2.5 billion ETI offer represents a strong testament to the capacity of Africans to found and grow a world-class company capable of competing with the biggest and the best in the world.

He urged Lagosians to subscribe to the offer because of the bank’s strong management fundamentals that, according to him, would “organically deliver the Ecobank to a premier position in Africa and the world.”

 

Ecobank Transnational Incorporated (ETI), the Pan African bank on August 25, 2008 opened its $2.5 billion (about N295 billion) cross border hybrid offer. The capital raising exercise, the biggest and first cross-border hybrid public offering (PO) and Rights Issue in Africa is expected to be sold simultaneously on three stock exchanges in Ghana, Nigeria and Abidjan, Cote d’Ivoire.

Details of the offer, which according to the ETI Group would be invested in expansion into new countries, technology and process upgrade and capitalization of existing subsidiaries, showed that ETI is raising equity through a 3.76 billion rights issue that is being offered at $0.27 apiece at a ratio of five new shares for every nine held and another 5.12 billion shares being offered to the public at $0.29 each.

ETI is the holding company of the Ecobank Group, the leading independent regional banking group in sub-Saharan Africa with presence in more African countries than any other bank. It currently operates in 25 countries. Established as a regional bank holding company in 1985 with its head office in Lome, Togo, it has grown to a full–service regional banking group with over 500 branches and offices and over 8,000 employees across west, central, east and southern Africa.

 



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