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IFC converts loans to Ecobank shares

16 June 2014, 14:14

Lagos - Ecobank Transnational Incorporated (ETI) Plc, the financial services holding group for all Ecobank banks, has agreed to sell 4.8 percent of its equity stake to International Finance Corporation (IFC), the private sector arm of the World Bank.

IFC is acquiring the shares through its managed funds- IFC ALAC Holding Company II and the IFC Capitalization (Equity) Fund LP, reports The Nation.

The deal allows IFC to convert the $56.39 million of the IFC Capitalization (Equity) Fund LP and $18.10 million of the IFC ALAC Holding Company II to some 628.74 million and 209.58 million ordinary shares of ETI respectively.

Following the deal, the total ETI shares will increase by 4.9 percent from 17.3 billion shares to 18 050 475 560 shares.

Read more at The Nation.

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