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Saturday, April 21, 2012

PIC will invest in Ecobank common equity

PIC will invest in Ecobank common equity, Ecobank stock forecast 2012-2013 : The Public Investment Corporation (PIC), on behalf of Government Employees Pension Fund (GEPF), is pleased to announce that it will invest $250million (about R1.7billion) in the common equity of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, the leading independent pan-African banking group with a presence in 32 African countries.

This investment will represent the PIC’s first major direct investment outside of South Africa and is in line with GEPF’s investment strategy that has identified Africa (excluding South Africa) as the next frontier for investment growth.

The transaction will bolster Ecobank’s tier one capital and further enhance its ability to grow its business across the African continent. The $250 million share purchase will be affected by the issuance of 3,125,000,000 shares in Ecobank representing 19.58% of the total outstanding number of shares. Following this investment, the PIC is expected to take a seat on the board of Ecobank.

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