Ecobank Transnational Incorporated, ETI, has announced that 819.4 million preference shares will be converted to ordinary shares following regulatory approval of the shareholders to exercise their right to convert their preference shares into ordinary shares in the company.
The preference shareholders who were able to meet the October 31st 2016 deadline, represent 79 percent of an outstanding of 1,031,515,911 preference shares of the company, as at the end of December 2015
ETI said one of its preference shareholders is Qatar National Bank (QNB), with 732,277,056 preference shares.
It also explained that once the requisite approvals are obtained, these preferences shares will result in 630,325,909 ETI ordinary shares at an implied conversion price of N21.32 per new ordinary share.
Group Chief Executive Officer, Ade Ayeyemi said: “We appreciate the trust and confidence that the preference shareholders, particularly QNB, have in Ecobank. With the support of all our shareholders, we shall continue to provide the best quality banking services to our numerous clients across the largest banking network in Africa.”
The total ETI shares will thus increase to 24,730,354,443 ordinary shares upon conversion. ETI said it was taking all necessary steps to get the shares converted, issued and listed on the three stock exchanges on which the company is listed: the Nigeria Stock Exchange in Lagos, the Ghana Stock Exchange in Accra and the West Africa Stock Exchange (BRVM) in Abidjan.