Enko Opportunity Growth Fund Buys 96.5m Shares in Ecobank
Adding to its previous stake in the financial services group, Enko Opportunity Growth Fund linked to a Director of Ecobank Transnational Incorporated (ETI), Alain Nkontchou has purchased 96,515,229 shares of the bank.
The investment fund started another investing phase in the Pan African lender stock between August and Sept 29, details from notification in share dealing by insider submitted to the Nigerian Exchange showed.
According to the regulatory filing, the shares were bought at an average price of N15.15, for a total consideration of N1.5 billion on the Exchange. Detail from its corporate profile indicates that Enko Opportunity Growth Fund is a private equity growth-expansion fund led by Enko Capital. The fund is based in London, United Kingdom and invests in Africa.
Using their networks, the team can assist portfolio companies through the introduction of deal opportunities, specialist staff appointments, and/or act as external advisors. #Naira Devaluation Deepens Economic Crisis in Nigeria
Established in 2008, Enko Capital is an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa. The firm manages in excess of $700 million, information posted on its website shows.
In the last seven trading sessions, Ecobank share price has been steadied at N16 with a total market valuation of about N294 billion.