held by current shareholders. The approval follows ECMA’s review under the
On March 17, 2026, ECMA issued a public Notice of Registration confirming clearance for 54,066,089 existing ordinary shares already held by Awash Bank shareholders. The notice reiterates that it is not an offer or solicitation to purchase securities
This regulatory milestone supports the orderly transition of existing equity into a structure that enables compliant
secondary market trading within Ethiopia’s developing capital market ecosystem.
This regulatory milestone helps pave the way for
orderly, compliant secondary‑market trading of the Bank’s equity within Ethiopia’s evolving capital‑market ecosystem.
DABLO’s role
DABLO’s
cross‑practice capital markets team supported the Bank across the process, including
prospectus legal review,
regulatory engagement with ECMA,
issuer disclosure and governance matters, and
post‑approval implementation steps such as dematerialization readiness and shareholder brokerage onboarding. DABLO issued the
Independent Legal Advisor’s Opinion dated
February 13, 2026 in accordance with
Directive No. 1030/2024.
Managing Partner’s Quote
“ECMA’s approval marks another practical step in operationalizing Ethiopia’s capital‑market architecture. We’re proud to have supported Awash Bank as independent legal advisor and to have worked constructively with the regulator to ensure strong disclosure and compliance. This outcome helps pave the way for transparent secondary‑market trading and broader investor participation.”
— Dawit Kidane Tefera, Managing Partner, DABLO Law Firm LLP
Congratulatory Note
DABLO Law Firm warmly
congratulates Awash Bank S.C. on this regulatory milestone. We also extend our congratulations to the
transaction advisor, iCapital Institute PLC, for its role in the process, and our appreciation to the
DABLO capital markets team for their rigorous work from prospectus review through post‑approval implementation support.
About DABLO Law Firm
DABLO Law Firm LLP is a full‑service Ethiopian law firm with strength in
banking and finance,
capital markets regulation,
corporate/M&A, and
regulatory compliance. The firm regularly advises
issuers,
financial institutions, and
investors on Ethiopia’s developing capital‑markets framework and transactions. The firm combines deep local expertise with international standards to help clients navigate Ethiopia’s evolving legal and regulatory landscape.
The firm is particularly recognized for its leadership in Ethiopia’s emerging capital markets and fintech sectors. DABLO has advised on the first wave of bank share listings under the new capital markets regime, including mandates for Zemen Bank.
DABLO’s core practice spans corporate and commercial transactions, foreign investment, mergers and acquisitions, regulatory licensing, tax and customs advisory, and dispute resolution. The team is frequently engaged on complex mandates involving newly introduced legal frameworks, such as financial services regulation, foreign exchange controls, and large-scale infrastructure developments.
The firm’s dispute resolution capabilities are underpinned by the experience of its partners, two of whom previously served at the Federal First Instance Court.
DABLO’s regional reach is strengthened by its membership in LEX Africa, the continent’s largest legal alliance. Through this network, the firm supports cross-border transactions and multi-jurisdictional regulatory projects. Recent examples include advising a U.S. financial institution on a global compliance review following a $35 billion acquisition, and assisting in international arbitration strategy involving Chinese and Ethiopian entities.
DABLO is ranked in Chambers Global, Legal 500 EMEA, and IFLR1000, and was shortlisted for the Chambers Africa Awards in the Ethiopia Law Firm of the Year category.
For further information, please contact .
