By Dipo Olowookere
The management of eTranzact has filed an application to the Nigerian Stock Exchange (NSE) for the approval and listing of its rights issue worth N7 billion.
The electronic payment solutions provider submitted the application to the exchange through its stockbroker, Cordros Securities Limited.
In a notice issued yesterday by the Head of Listings Regulation at the NSE, Mr Godstime Iwenekhai, it was stated that the firm plans to sell 4,666,666,667 units of its stocks at a unit cost of N1.50 on the basis of 10
new shares for every nine shares already held by shareholders as at the close of business on Wednesday, March 25, 2020.
“Dealing members are hereby notified that eTranzact International Plc has through its stockbroker, Cordros Securities Limited, submitted an application to the Nigerian Stock Exchange for the approval and listing of a rights issue of 4,666,666,667 ordinary shares of 50 kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares held,” Mr Iwenekhai said in the disclosure.
Last year, eTranzact said it was raising the fresh capital through the exercise for the upgrade and enhancement of the company’s technology infrastructure and network security systems.
Managing Director/CEO of eTranzact, Mr Niyi Toluwalope, had said the funds would enable the company’s management to strategically maintain its leading position as a key market leader within the electronic payment industry.
According to him, proceeds from the rights issue would be used to purchase state-of-the-art infrastructure in order to retain the best skill set available, achieve a fast response rate, reduce downtime, and expands its service offerings and market reach.
