News Analysis | May 25,2024
Oct 1 , 2025
Shareholders of the Bank of Abyssinia have approved a five million ordinary shares offer to the market, which will lift the Bank's paid-up capital to 20 billion Br.
The shares will be sold at a premium above the current par value of 1,000 Br, pending final approval from the Board of Directors. Allocation will be proportional to existing holdings, though some shareholders voiced their reservations over the higher cost to buy shares.
According to Bekalu Zeleke, president of Abyssinia Bank, the current share price undervalues the Bank’s market value.
“Paying more today raises the value of what you already hold,” he told shareholders gathered at the Adwa Zero Memorial Museum, up in Piassa.
Shareholders will be given first rights to subscribe beyond their allocation, with any remaining shares redistributed to those expressing interest. The Bank, which counts 5,000 shareholders, also declared over four billion Birr in dividends and reported a net profit surpassing seven billion Birr, reaffirming its strong financial standing.
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