Ecobank to launch 2.5 billion dollar share offer

ECOBANK Transnational Incorporated (ETI), will launch a US$2.5 billion share offer in Accra on Monday. A statement issued on Sunday by the Bank, said EDC Stockbrokers Limited, a subsidiary of ECOBANK Development Corporation, and SIC Financial Services Limited, are the sponsoring institutions in charge of the billion share offer in Ghana.

"This offer, the largest in Africa, will consist of a US$1 billion Rights Issue and a US$1.5 billion offer for subscription running concurrently," the statement said. The offer will be launched simultaneously in 10 African countries- Benin, Burkina Faso, C=F4te d'Ivoire, Ghana, Guinea Bissau, Mali, Niger, Nigeria, Senegal and Togo.

The statement said the Accra launch, to be held at the La Palm Royal Beach Hotel, would bring together key investors and industry stakeholders. President John Agyekum Kufuor is expected to grace the occasion.

According to Mr. Arnold Ekpe, Chief Executive Officer of ETI, "as a true Pan African Bank, this landmark share offer provides an opportunity for every African household to own shares in a very successful African story".
He said the launch of the offer would set the stage for the biggest share offer in our part of the world.