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The Nigerian Stock Exchange (NSE) has notified its Dealing Members, notifying that eTranzact International Plc (eTranzact or the Company) had through its lead Stockbroker, Meristem Capital Limited, submitted an application for the approval and listing of a Rights Issue.

The Rghts Issue is of Four million Six hundred and sixty 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.

Recently, 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.

[READ MORE: Prestige Assurance revises terms of rights issue)

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.

The Company’s segments are Air time purchases, Other commissions, and Maintenance and support services, software development and others. The Company also provides maintenance and software development services.

The switching platform processes transactions across various channels, which include mobile phones (global system for mobile communications (GSM), code division multiple access (CDMA) or analog), Web (using any Internet browser in a secured transaction), point of sale (PoS), automated teller machine (ATM), other mobile devices and bank branches.

Its products include eTranzact Genesis, eRemit, eTranzact ATM CardlexCash, eTranzact WebConnect, eTranzact CorporatePay, eTranzact Strong Authentication, eTranzact WebConnect and eTranzact mCommerce.

It is Nigeria’s first award-winning multi-application, multi-channel electronic transaction switching and payment processing platform. eTranzact handles billions of dollars yearly, supporting millions of forward-thinking businesses and individuals who trust that their financial transactions would be taken care of by eTranzact daily.

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