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Business News of Thursday, 26 March 2020

Source: MyNigeria

eTranzact seeks NSE’s approval to list 4.6 billion rights issue

For descriptive purpose only For descriptive purpose only

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 N4.6 billion.

The rights issue is of Four Billion, Six Hundred and Sixty-Six Million, Six Hundred and Sixty-Six Thousand, Six Hundred and Sixty-Seven (4,666,666,667) ordinary shares of fifty kobo (N0.50) each at One Naira Fifty Kobo (N1.50) per share, on the basis of ten (10) new ordinary shares for every nine (9) ordinary shares held.

In a notification sent to dealing members of the stock market, the NSE disclosed that the Qualification Date was scheduled for Wednesday, 25 March 2020.

In its financial result released for 2019, eTranzact International Plc had revenues fall -63.96% from N18.62 billion to N6.71 billion, though the company grew net income from a loss of N3.14 billion to a gain of N99.79 million.

eTranzact International Plc is a payment technology provider. The Company is principally engaged in the processing of all facets of electronic payment transactions using its switching platform.