As part of its corporate responsibilities in contributing to the socio-economic development of Africa, Ecobank has introduced a new offer called the Ecobank Transnational Incorporated (ETI), which is said to be Africa’s largest and first regional public offering.

The offer, which is scheduled from August 25 to October 3, is listed on the Abijan’s Bourse Re’gionale des valeurs mobili’eres, on the Ghana Stock Exchange in Accra and the Nigerian Stock Exchange, in Lagos.

Speaking at a press briefing, yesterday, at the Ecobank Gambia head office along Kairaba Avenue, Fitzgerald Odonkor, the Ecobank Gambia Limited managing director, said: “From August 25th, 2008, 3,763,759,981 shares will be offered exclusively to ETI’s existing shareholders at US$0.27 a share (at a ratio of five new shares for every nine held as at August 18th 2008); while 5,116,499,328 shares will be offered to the public at US $0.29 a share. The rights issue and the public offer are being undertaken at discounts of 20.0% to shareholders and 12.5% to the public (based on 30-day volume weighted average price of ETI shares on all three stock markets).

According to him, 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 Moneraire Ouest Africaine (UEMOA).

He said Ecobank 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 Ghana and EDC Investment Corporation and CGF bourse are the sponsoring stockbrokers in the Union Economique et Monetaire Ouest Africaine (UEMOA).

A press release from Ecobank revealed that the chairman of ETI, Mande’ 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 ETI group’s 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 is the holding company of the Ecobank group, the leading independent regional banking group in sub-Saharan Africa with a presence in more African countries than any other bank.

Currently operating in 25 countries, ETI was established as a regional bank holding company in 1985 with it head office in Lome, Togo. It has grown to a full-service regional banking group with over 500 branches and offices and over 10,000 employees in West, Central, East and Southern Africa,” the release concluded.