Christiana Olaoye
Energy Commercial Bank (ECB) has received approval from the Securities and Exchange Commission (SEC) to raise GH¢340 million from the public through an Initial Public Offer (IPO).
Prior to that, the bank obtained the “No Objection” from the Bank of Ghana (BoG) and Ghana Stock Exchange (GES) to raise capital on the Bourse by offloading over 50 percent of shares.
The bank is floating millions of shares to investors the IPO.
The shares will subsequently be listed on GSE and trade on the secondary market.
Expressing delight about the approval of the IPO, which aims to enable the bank recapitalize ahead of time to the tune of GH¢400 million, Board Chairman, Dr. Jimoh Ibrahim, said Energy Commercial Bank is moving to another level by listing on the GSE, offering opportunities to many Ghanaians and investors to become part owners of the noble but vibrant institution.
“We have been operating for almost seven years, and it is now time for many Ghanaians to become part of the success story of the bank. We have year-on-year exhibited solid banking practices (risk, operational and audit) -elements described as very crucial in the sustenance of banking business,” he emphasized.
Managing Director and Chief Executive Officer, Christiana Olaoye, on her part, said the bank has performed well over the years, maintaining healthy capital adequacy and liquidity ratios, thereby ensuring safety of depositors’ funds and maximizing returns to shareholders.”
IC Securities, which is the Transaction Adviser, is expected to market the shares to many investors in the country.
Energy Commercial Bank presently operates 12 branches in Ghana- five in Accra, three in Kumasi, and the rest in Tema, Takoradi and Tamale.