One of the most prestigious football clubs in Ethiopia, Saint George’s FC, has announced that it has launched its own share company with the intention of generating increased incomes. The club plans on raising at least 244 million ETB from selling shares to club members.
According to club chairman Abinet Gebremeskel, the Board of Directors of the club have already purchased more than 94 million ETB in stocks which would make up 38.5 percent of total share value. He also indicated that a stock option worth 150 million ETB is also going to be made available until October 10th, 2021.
The minimum stock option is going to be set at 1,000 ETB and the maximum at 120 million ETB. Profits are not going to be divided for ten years and the club is only going to be allowed to use 20 percent of profits.
Saint George’s is one of the most successful clubs in the Ethiopian Premier League (EPL) winning the championship a total of 14 times. Currently, the club has more than 100,000 registered members including prominent businessman and philanthropist Mohammed Al Amoudi.