16 October 2018

Ghana: Investor Interest in Energy Commercial Bank's Shares Soars

Investor interest in the ongoing Initial Public Offer of Energy Commercial Bank has gone up following roadshows embarked upon by the Bank in Kumasi, Takoradi and Tamale.

At the investor fora in these parts of the country last week, many investors-both retail and institutional expressed willingness to acquire shares in the Bank following it consistent performance over the years.

Energy Commercial Bank has been registering consistent profits since its inception in February 2011 and is also ranked among the most liquid and stable banks in the country.

The investors were of the conviction that Energy Commercial Bank is a bank that has a brighter future with its prudent operational and risk management practices as well as efficient corporate governance practices.

They also believed in the Bank's quest to go public since it will enhance transparency and improve corporate governance practices-which are fundamentally critical to the efficient management of today's business.

Energy Commercial Bank is floating 261million new ordinary shares at GHȻ1.30p per share and the offer, which began on October 2, is expected to end on November 2, 2018. The Bank is hoping to raise GHȻ340 million from the offer.

The shares of the bank can be purchased at any of the 12 Energy Commercial Bank branches across the country, 20 licensed dealing members of the Ghana Stock Exchange and four receiving banks-UBA, Zenith, UMB and Ecobank Ghana.

IC Securities is the Transaction Adviser and is expected to market the shares to many investors within the country.

Energy Commercial Bank presently operates 12 branches in Ghana- five in Accra, three in Kumasi, and the rest in Tema, Takoradi and Tamale. It is expected to expand vigorously once it completes its recapitalisation.


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