Aug 19, 2009, 5:46 AM
for the registration and listing of the new shares have been obtained from the
relevant regulatory authorities in
Nigeria plc, Stanbic IBTC Bank plc and ICMG Securities Ltd. are Joint Issuing
Houses in Nigeria, EDC Stockbrokers Ltd. and SIC Financial Services Ltd are the
Sponsoring Stockbrokers in
Ecobank Development Corporation (EDC) and First Africa SA (Pty) Ltd are financial advisers to the combined Rights Issue and Public Offer.
The chairman of ETI, Mandé Sidibe, said that the proceeds of the Rights Issue and Public Offer would be utilised 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 thereby consolidating its position as the leading pan-African banking group. The increased capital will also help upgrade as well as modernise the group's technology platform.
chief executive, Arnold Ekpe, said that he expected good shareholder and
investor response to the combined Rights Issue and Public Offer across the
three stock markets, as investors are well aware of ETI's strong fundamentals.
ETI recently completed a non-deal road show which involved over 70 meetings
with institutional investors in 18 cities across
ETI is the
holding company of the Ecobank Group, the leading independent regional banking
group in sub-Saharan
expansion plan includes the opening of new subsidiaries and branches in other
countries in Middle Africa as well as representative offices and international
banking facilities in the major financial centres that have substantial trading
and transaction links with