Access Bank Ghana Plc has launched its Initial Public Offer (IPO) for prospective investors to buy shares in the Bank.
The Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) has approved for the bank to undertake an Initial Public Offering as part of processes to list on the Ghana Stock Exchange.
Access Bank hopes to raise a minimum amount of GHC104 million to support its growth and expansion strategies when the offer opens from 19th October to 11th November, 2016. Prospective investors are required to purchase a minimum of one hundred shares at GHC4 per share
Dolapo Ogundimu, the Managing Director of Access Bank Ghana, said: “There is the need to grow capacity to take advantage of the opportunities that have emerged from running successful operations in Ghana so far. In addition, we are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure, which will enable us to fulfill our commitment to deliver superior banking services to our valued customers and stakeholders”.
Mr. Ogundimu said that Access Bank has strengthened its resolve to build a truly sustainable bank that offers superior value to shareholders, customers and the communities it serves and that its positive growth trajectory and consistent financial performance over the past seven years provide adequate basis for prospective investors to buy shares in the Bank.
He added that African Alliance Securities and Chapel Hill Denham Securities are the lead managers and sponsoring brokers for the IPO.
Frank Beecham, the Chairman of the Board of Directors, expressed optimism about the exercise and bank’s confidence in the potential of Ghana’s economy.
He noted: “Access Bank is here to stay for the long haul and we encourage both private and institutional investors to participate in this offer and own a part of one of the fastest growing banks in Ghana.”
Winston Nelson Jr, the Chief Executive Officer of African Alliance Securities Ghana, also urged interested investors to obtain the prospectus relating to the offer from any Access Bank branch in Ghana, the Office of African Alliance, stockbrokers or online via www.ghana.accessbankplc.co
Access Bank has remained a catalyst for socio-economic development in the country, pursuing sustainable business practices through its business operations. The share offer is in furtherance of this commitment.