10 December 2018

Ghana: Energy Commercial Bank Engages Strategic Investors to Meet Capital Requirement

Energy Commercial Bank says it is in discussions with some strategic investors to acquire a stake in the bank through a private placement.

The move according to a statement issued by the Bank in Accra was part of moves by the Bank to meet Bank of Ghana's GHS 400 million minimum capital requirement.

The Bank failed to raise its target through an Initial Public Offer (IPO) and is refunding all monies paid for the ECBL shares which ended a few weeks ago.

The ECBL IPO consisted of an offer for subscription of 261,538,462 new ordinary shares of Energy Commercial Bank Limited to raise GHS340 million on the main board of the Ghana Stock Exchange.

As stated under paragraph 1.7 of the Offer document and in accordance with section 284 of the Companies Act, 1963 (Act 17), all monies paid for ECBL shares under the offer are to be returned to the receiving banks and receiving agents for onward distribution to applicants after the offer period has ended if the minimum amount target is not met. The minimum amount to be raised for the Offer to be declared successful was GHS 68,000,000

Refunds will be available at the registered offices or branches of the respective receiving agents and receiving banks from 14 December 2018. All applicants should ensure that they have proof of their application (e.g. receipt) and proof of identification when they contact the respective receiving agents or receiving banks.

Energy Commercial Bank presently operates 12 branches in Ghana- five in Accra, three in Kumasi, and the rest in Tema, Takoradi and Tamale

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