Ecobank Transnational Incorporated (ETI) held its 32nd Annual General Meeting (AGM) and an Extraordinary General Meeting on Tuesday, June 30, 2020. Attendance during these meetings was mainly by proxies, as part of the company’s adherence to COVID-19 preventive measures.
A statement released by ETI to the Nigerian Stock Exchange, as seen by Nairametrics, noted that a number of resolutions were reached during the meetings. For one, the company’s shareholders gave ratification to the co-option of the following new directors:
- Mr Deepak Malik, a representative of Arise B.V,
- Ms Zanele Monnakgotla, representing Public Investment Corporation, and
- Dr George Agyekum Donkor, representing Ecowas Bank for Investment & Development
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ETI’s shareholders also approved the resolution to renew/retain the services of professional services firms — Deloitte & Touche (Nigeria) and Grant Thornton (Côte d’Ivoire) — as the banking group’s joint auditors.
Meanwhile, as ETI proceeded to hold an Extraordinary General Meeting right after the AGM, more resolutions were reached. Shareholders approved the cancelation of a 2016 resolution on the consolidation of the company’s shares.
Nairametrics understands that in 2016, during an Extraordinary General Meeting after ETI’s 28th AGM, the company’s shareholders had reached a resolution which directed“that the nominal value of the ordinary shares of the company be increased from two point five (2.5) US cents per share to fifty (50) US cents per share, by consolidating every twenty (20) ordinary shares held into one (1) new ordinary share each and issuing in replacement thereof new ordinary shares of fifty (50) US cents each.” Apparently, this earlier resolution on share consolidation was canceled yesterday after four years.
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Finally, ETI’s shareholders, yesterday, voted in favour of amending the company’s articles of association and including a provision for electronic general meetings. Note that yesterday was the first time Ecobank Transnational Incorporated would be holding its AGM by proxies.
In its latest earnings report for Q1 2020, the banking group reported interest income of $340.1 million, marking a 5% increase when compared to $322.5 million in Q1 2019. On the other hand, ETI’s profit after tax for the period declined by 20% to $67.5 million, down from $84.5 million in Q1 2019.
The company’s stock is currently trading at a share price of N4.95 on the Nigerian Stock Exchange. Year to date, the stock has declined by more than 22%.
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