Wednesday, 20 August 2008

Ecobank rights issue

Ecobank announced a $2.5 billion rights issue and public offering fund its expansion. The offer will run simultaneously on bourses in Nigeria, Ghana and the West African regional BRVM in Ivory Coast. Terms are five new shares for every nine held on Aug. 18.

The pricing implies a 20 percent discount to the 30-day volume weighted average on all three exchanges, while the discount for the public offer was 12.5 percent.

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