Debub Global Bank S.C., one of the last entrants to Ethiopia’s banking industry, postponed its share auction for at least a week period. The shares to be auctioned are ones that are returned by foreign nationals.

It was following a directive issued by the National Bank of Ethiopia (NBE) that shares are being returned to the bank. The directive stipulates shares held by shareholders that are not Ethiopians to return their shares and claim the value of the shares along with their accrued dividends until June 30, 2016.

Debub Global’s earning per share (EPS) has per growing recently. Last year its EPS increased by 75 percent. Its paid up capital on the other hand is short of the minimum requirement NBE has set and it stands at 262 million Birr.

The share auctions thus far started out with sky high per share buds, with some banks attracting as high as 26 times the shares’ par values. Nevertheless, as the auctioning went on, the prices returned to a more reasonable bids.

Source: Fortune