February 4, 2025 — The Ethiopian Capital Market Authority (ECMA) has issued a public notice requiring all publicly held companies in Ethiopia to submit detailed information about their existing shares. This move follows the enactment of the Public Offer and Trading of Securities Directive No. 1030/2024, which took effect on November 13, 2024.
The new directive is aimed at enhancing investor protection, improving market transparency, and ensuring the orderly operation of Ethiopia’s emerging capital market. The directive applies to all companies with more than fifty shareholders, regardless of sector or industry, and mandates them to provide relevant data by March 10, 2025.
Key Submission Requirements Publicly held companies must submit the following information to the ECMA:
- Total number of shares, including subscribed and paid-up shares.
- A complete list of shareholders, including their contact details and share ownership.
- The value of the securities as of the issuance date.
- The timeline of past share offerings.
- Copies of offer documents used for share solicitations.
- Advertisements and media used for previous share sales.
- Details of ongoing public offerings, including shareholder resolutions authorizing such issuances.
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