Energy Commercial Bank Tuesday launched its Initial Public Offer to raise GH₵340 million in shares from the Ghanaian investing public.
The offer period which is expected to last for 30 days will be graced by several investors who have shown interest to acquire shares in the Bank.
The Bank is floating millions of shares at GHS1.30p per share. The shares will subsequently be listed on the Ghana Stock Exchange where they will trade on the secondary market.
IC Securities is the Transaction Adviser and is expected to market the shares to many investors within the country.
SEC’s approval
Earlier, Energy Commercial Bank received approval from the Securities and Exchange Commission (SEC) to raise GH¢340 million in shares from the Ghanaian investing public.
Prior to that, the Bank had gotten “No Objection” from the Bank of Ghana as well as the Ghana Stock Exchange to raise capital on the GSE by offloading over 50 percent of shares.
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.
