Ecobank Transnational Incorporated (ETI), the parent company of the pan African Ecobank Group, held its 32nd Annual General Meeting (AGM) and a separate Extraordinary Meeting at the company’s head office in Lagos Nigeria on Monday 30 June 2020.
The shareholders of ETI in the Extraordinary General Meeting voted to cancel the consolidation of shares which was earlier approved on 17 June 2016.
This was contained in a press information released by ETI in Lagos on 30 June 2020 which read in part, “The AGM was followed by an Extraordinary General Meeting at which Shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.”
ETI in a news release on 17 June 2016, had announced that a resolution was made to consolidate its shares during a separate Extraordinary Meeting which was held in Lome on 17 June 2016.
The resolution authorized the increase of the nominal value of the company’s share from $0.025 to $0.50, by consolidating every 20 ordinary shares held, into one new share each and issuing in replacement, new ordinary shares of $0.50 each.
The news release read in part, “With regard to the consolidation of shares, a resolution was passed authorizing that the nominal value of the ordinary shares of the company be increased from $0.025 per share to $0.50 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 $0.50 each.”
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Other resolutions made in 32nd AGM on Monday includes the election of two new directors – Professor Enase Okonedo and Mr. Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the Board.
Shareholders also ratified the co-option of Mr. Deepak Malik, a nominee of Arise B.V, Ms. Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr. George Agyekum Donkor, the representative of Ecowas Bank for Investment & Development as directors.
The mandates of the firms – Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as Joint Auditors were renewed.
Ecobank Group Chairman Emmanuel Ikazoboh said that, this would be his last AGM as he has completed his tenure as director and Chairman.
Ikazoboh said, “this was my last AGM, as I have now completed my tenure as director and Chairman. As I retire, it has been a privilege for me to have served this great institution and I am particularly proud of what we have achieved.
“I am further assured and confident that my able successor as Chairman, Mr. Alain Nkontchou will continue to lead the Board in our journey to leadership.
“The world has its eyes on Africa and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent. I will remain a strong ambassador of this great institution and its ideals.”
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Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group.
The Ecobank Group employs over 15,000 people and serves about 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries.
The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management.
ETI is listed on the Nigerian Stock Exchanges (NSE) in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.
The current share price of ETI on the NSE is N4.95 per share, with 52 week high and low prices of N10.45 and N3.90 respectively.
YTD the share price is down by minus 23.85% and by minus 52.4% in one year