Lagos EGM Approves ETI's Bid To Raise $3b In Equity, Others

THE Extraordinary General Meeting of Shareholders of Ecobank Transnational Inc (ETI), which was held during the week in Lagos, has approved the resolution reaffirming the authorisation earlier granted to the Board in 2008 to raise up to US$ 3 billion in equity, debt, quasi equity, Global Depository Receipts (GDR) or a combination of any or all of those as the Board of Directors may deem appropriate.It also confirmed that the authorisation includes the issuance of preference shares and creation of convertible loans to which the Directors may attach such rights as they may deem fit, as full or part consideration for strategic transactions including, but not limited to mergers, acquisitions, combinations, joint ventures and alliances.Chairman of the pan African bank, Mr. Kolapo Lawson, who expressed satisfaction with the overwhelming support of the shareholders in approving the resolution, said the resolution positions the group for further growth.Group Chief Executive Officer, Mr. Arnold Ekpe, said, 'the adoption of this resolution reflects shareholders confidence in their institution. This will give the institution the financial flexibility required in developing Ecobank to become one of the leading banks in Africa and provide appropriate return to shareholders.
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