Africa's fast-growing Ecobank Group plans to raise up to $3 billion through a debt and equity offer in regional and international markets to finance its continuing expansion, its chief executive said on May 15.
"We will be seeking the relevant regulatory approvals for the offer to be made both locally and internationally, probably sometime in June or July," Arnold Ekpe told Reuters.
Togo-based Ecobank was established in 1985 and is the leading pan-African banking institution, with operations in 22 African countries from Nigeria and Ghana to Chad and Central African Republic. It is listed on the Lagos, Accra and Abidjan BRVM stock exchanges, and the planned offer would be made on these.
"What we are hoping to raise is an amount of up to $3 billion in debt and equity and this will be used to continue our expansion," Ekpe said in an interview in the Ghanaian capital Accra.
"The objective of the capital is to finance the continued development of the group and to position ourselves as the leading bank in middle Africa." An Ecobank official said the bank would also seek to list on the London Stock Exchange if it could get regulatory approval.
Ekpe said he expected shareholders to give the green light for the debt and equity offer at a meeting in Accra, where they are also due to approve a proposal to pay dividends 50 percent higher than last year. "We're looking to split the shares as well - to make the shares more liquid and more affordable to the generality of the African," he said.
"I'm confident, because the value of the group has increased from $300 million to $3 billion, so we are hoping shareholders will display the support they have given us over the years."
Comments
Comments are closed.