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ETI cross boarder N292.5 bn hybrid offer closes


October 16 , 2008 /PETER OBIORAProshare NI


The ECOBANK Transnational Incorporated (ETI) $2.5 billion (N292.5 billion) cross boarder hybrid offer is expected to close October 17, 2008, following a two weeks extension of the hybrid offer by the bank.


The hybrid offer which opened August 25, 2008 was expected to close October 03, 2008; but was later extended by two weeks, to close October 17, 2008.



As earlier reported by Proshare NI, the Pan African Bank  sought to raise the N292.5 billion by offering to its existing investors 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.



However, as at the time of filling in this report, Proshare NI could not gather further details as regards the hybrid offer and the level to which investors across other parts of Africa has subscribed to it considering the global Stock Market crisis.


Also ETI had promised to pay investors into the hybrid offer dividends in the United States Dollars (US$).



Joint Issuing Houses to the cross boarder hybrid offer include Ecobank Nigeria Plc, (Ecobank) Stanbic IBTC Bank Plc (StanbicIBTC) and ICMG Securities Limited in Nigeria.



While Sponsoring Stockbrokers are EDC Stockbrokers Limited and SIC Financial Services Limited, Ghana and EDC Investment Corporation and CGF Bourse in the Union Economique et Monetaire Quest Africaine (UEMOA).



In the same vein, Ecobank Development Corporation (EDC) and First Africa SA (Pty) Limited are Financial Advisers to the hybrid offer.

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