By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The international finance corporation (IFC) a member of the world bank group is set to convert two (2) of its managed funds to shares of pan-Africa lender, Ecobank Transnational Incorporated (ETI).
ETI on Tuesday notified the Nigerian stock exchange (NSE) that the IFC ALAC Holding Company II and the IFC Capitalisation (Equity) Fund, L.P. two funds managed by the IFC will exercise their option to subscribe for ETI shares with effective date of 1st July 2014.
The pan-African bank said the outstanding convertible loans of the two funds which consist of $56,385,000 for the IFC Capitalisation (Equity) Fund and $18,795,000 for the IFC ALAC Holding Company will be converted to 628,742,514 ETI shares and 209,580,838 ETI shares respectively.
As a result of this, the convertible debts of ETI will be reduced by $75,180,000 and as a result, the pan-African lender will issue 838,323,352 additional shares. “The total ETI shares will increase by 4.9% from 17,212,152,208 shares to 18,050,475,560 shares,” the bank said.
According to the bank, its taking all necessary steps to get the shares issued and listed on the three (3) stock exchanges in line with usual requirement.
