Energy Commercial Bank of Ghana has disclosed that it is waiting for a final approval from the Securities and Exchange Commission (SEC) to float shares to the country’s Stock Exchange likely by next month.
According to the bank, the listing prospectus which is with the SEC for final scrutiny and approval, will allow the investor public to own shares in the lender.
The bank is hoping to float over 50 percent shares to institutional and retail investors. This is expected to bring in over GHc340 million during the floatation period to enable it recapitalize to meet Bank of Ghana’s minimum capital of GHc400 million.
A statement from the Energy Bank said both the Bank of Ghana and the Ghana Stock Exchange were satisfied with its intention to list and given it the go ahead.
“We have exhibited the right banking practices, the records are there for everyone to see….we are very liquid and our asset quality is good so I am very confident the share offer will be highly subscribed by Ghanaian investors, that is pension funds, equity funds, investment companies and the Ghanaian public,” said Christiana Olaoye, the bank’s Managing Director and Chief Executive Officer.
She said she was optimistic Ghanaian investors would buy into the idea since the bank is one of the country’s most liquid banks and has proven over the years to be one of the safe, secure and strong banks in Ghana, to enable it recapitalise by the December 31, 2018 deadline.
IC Securities is the Transaction Adviser and is expected to market the shares to many investors within the country, the statement added.
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.
The process to allow Ghanaians to become part owners of the lender began in March 2018 and the financial intermediary is expected to list on the GSE right after the initial public offer.