Ecobank Sierra Leone has offered 3,763,759,981 shares exclusively to Ecobank Transnational Incorporated existing shareholders at US$0.27 a share of five new shares for every nine held as at August 18th of this year.
Since Monday, the 25th, they have offered exclusively 3,763,759,981 shares exclusively to Ecobank Transnational Incorporated, while 5,116,499,328 shares will be offered to the general public at US$0.29 a share. The Right Issue and Public Offer are being undertaken at discounts of 20.0% to shareholders and 12.55 to the general public, based on 30 day volume weighted average price of ETI shares on all three stock markets.
Approvals for the registration and listing of the new shares have been obtained from the relevant regulatory authorities in Nigeria, Ghana and the Union Economique et Monetaire Ouest Africaine [UEMOA]. Ecobank Development Corporation and the First Africa Ltd are financial advisers to the combined Rights Issue and Public Offer.
The Chairman of the ETI, Mande Sidibe said, the proceeds of the Rights Issue and Public Offer would be utilized to strengthen Ecobank’s growth plans to expand its network of branches in the countries where it currently operates as well as expand into new countries.
Ecobank’s US$2.5bn combined Rights Issue and Public Offer launched on the 25th of this month has been described as not just the largest on the continent, but the first simultaneous cross border public offering in Africa.