ETransact Records N183m Quarterly Loss

ETranzact International Plc has posted a loss after tax of N182.53m for the first quarter ended March 31, 2020 as against a profit after tax of N90.76m recorded a year ago.

According to the firm’s audited report obtained from the Nigerian Stock Exchange, its revenue grew to N5.92bn in Q1 2020 from N5.59bn in the same period in 2019.

The Nigerian Stock Exchange recently notified dealing members that eTranzact had, through its lead stockbroker, Meristem Capital Limited, submitted an application for the approval and listing of a rights issue.

The rights issue comprised an offering of 4,666,666,667 ordinary shares of N0.50 each at N1.50 per share, on the basis of 10 new ordinary shares for every nine ordinary shares held.

eTranzact International, a payment technology provider, engages in the processing of all facets of electronic payment transactions using its switching platform.