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Loss Making ETranzact Opens N7 billion Rights Offer to Public

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Etranzact International Plc – Proposed Rights Issue of 4,666,666,667 Ordinary Shares of 50 Kobo Each at N1.50 Per Share on the Basis of Ten (10) New Ordinary Shares for Every Nine (9) Ordinary Shares Held has opened to the public for subscription.

The acceptance list for the offer opened on Tuesday, 14 July 2020, and is expected to close on Monday, 10 August 2020, according to a filing on the Nigerian Stock Exchange (NSE).

eTranzact plays in the e-payment space; ATM, Internet, POS, and Mobile.

eTranzact International Plc, a multi-application and multi-channels electronic transaction switching and payment processing platform, grew its revenue by 59 per cent to N18. 62 billion, in the financial year ended December 31, 2018, up from N11. 68 billion in 2018.

It however recorded a loss after tax of N3.1 billion for the year. Th firm also recorded a loss of N182.5 million in the first quarter of 2020.

The company was founded in 2003 and currently has operations in South Africa, Ghana, Zimbabwe, Kenya, Cote d’voire and The United Kingdom.

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