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Ecobank approves 20 ordinary shares consolidation into one

Ecobank Transnational Incorporated (ETI) approved on Friday the consolidation of every 20 ordinary shares held into one new ordinary share, during the extraordinary general meeting at the group's headquarters in the capital Lome.


Overwhelming majority of the pan-African bank’s shareholders, by a digital vote that the group resorted to for the first time, have approved the consolidation.

This resulted in the increase, from 2.5 U.S. dollars per share to 50 U.S. dollars, of the nominal value of ordinary shares of the ETI, father-group of Ecobank bank, listed on Nigerian Stock Exchange (NSE), Ghana Stock exchange (GSE) and BRVM.

Following the consolidation, the authorized capital of the triple listed company amounts to 1.276 billion U.S. dollars divided into 2.5 billion ordinary shares of 0.5 U.S. dollars each.

The general assembly also approved dividend distribution of 0.2 U.S. dollars per share expected to be paid on August 9 this year, breaking thus with no dividend distribution over the last two years.

Dividend distribution this year, has been made possible by the company’s 2015 financial results that saw a total cash dividend of 48.2 million U.S. dollars, 60.77 million U.S. dollars of profit with 51.65 million U.S. dollars profit distributable.

“The Board is committed to paying the maximum suitable dividends to shareholders that ETI’s earning permit,” Group chairman Emmanuel Ikazoboh explained before his opening statement of the 28th annual general meeting of Ecobank.

It is worth to recall that, he lamented the poor 2015 financial results of the company which have been affected, in various ways, by the macroeconomic environment.

“Our financial results for 2015 were poor and clearly not representative of the earnings potential of our diversified pan-African business model,” Ikazoboh said. Enditem

Source: Xinhua/NewsGhana.com.gh

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