31 October 2018

Ghana: Energy Commercial Bank Extends IPO

Energy Commercial Bank Limited has extended its Initial Public Offer (IPO) that was expected to end on Friday, November 2, 2018 to November 16, 2018. This follows approval for extention by the Securities and Exchange Commission.

Anita Arthur looks at the implication of the extension on the banks move to raise money from the bourse.

A circular by the Ghana Stock Exchange indicates that the listing of all Energy Commercial Bank shares will take place on 18th December, 2018 instead of the earlier arrangement of 6th December, 2018.

Importantly, shares of Energy Commercial Bank can still be purchased at any branch of Energy Commercial Bank Limited, UBA, Zenith Bank, UMB, Ecobank Ghana, IC Securities Ghana Limited and any Licensed Dealing Member of the Ghana Stock Exchange.

Also, the minimum number of shares which can be subscribed to, under the offer, is 100 shares amounting to GHc130.00 and in multiples of 10 thereafter.

Energy Commercial Bank is seeking to raise GHc340 million from the Ghanaian investing public. The bank is floating over 261 million new shares at GH¢1.30 per share.

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 recapitalization.

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