ETI declares $48.2m dividend, increase shares to 50 cent per unit

Ecobank Transnational Incorporated (ETI), has declared $48.2 million proposed dividend as resolutions are made to increase share value to 50 cent

At the company’s Annual General Meeting (AGM) and a separate Extraordinary Meeting at the company’s head office in Lome,  ETI declared a dividend of USD 48.2 million.

This key meeting outcome follows two years during which ETI did not declare a dividend. The general meeting approved the company’s accounts for the 2015 financial year and the appropriation of its profits, which amounted to USD 60.77 million.

A separate Extraordinary Meeting saw various other resolutions passed. With regard to the consolidation of shares, a resolution was passed authorising that the nominal value of the ordinary shares of the company be increased from 2.5 US cents per share to 50 US cents per share.

This would be done by consolidating every 20 ordinary shares held into one new ordinary share each, and issuing in replacement, new ordinary shares of 50 US cents each.

Also at the meeting, the mandate of Dr Daniel Matjila (representing Public Investment Company/Government Employees Pension Fund), was  renewed for another three years.

It also ratified the cooption of Messrs. Abdulla Al Khalifa (representing Qatar National Bank), Ade Ayeyemi (Ecobank Group Chief Executive Officer) and Mfundo Nkuhlu (representing Nedbank Group Limited) as directors. Mr. Ignace Clomegah and Mrs. Catherine Ngahu were elected as directors. The meeting approved the re-appointment of joint auditors Deloitte Nigeria, and Grant Thornton, Co^te d’Ivoire for a term of a one-year term.