Mr Ouzzani (right) on stage with some staff of SG Ghana who are being recognized for their hard work in helping the bank meets the new stated capital
Societe General Bank Ghana Limited has announced an increase in its stated capital to GH¢404,245,426.72.
During a cocktail reception held at the Labadi Beach Hotel last week, management of the bank disclosed that the increment was made possible via a Bonus Issue of GH¢97,000,000.00 and Rights Issue of GH¢168,942,501.90, thus meeting the Bank of Ghana’s directive issued in September 2017.
The Central Bank, in accordance with Section 28 (1) of the Banks & Specialised Deposit Taking Institutions Act 2016 Act 930, revised upward the minimum paid up capital for existing banks and new entrants from GH¢120 million to a new level of GH¢400 million under several conditions to be met by December 2018.
Work on recapitalization commenced in 2017 when the bank’s Board of directors, management and shareholders, together with the sponsoring broker, financial and legal experts, worked assiduously to comply with Bank of Ghana’s directive in record time.
The Board of Directors obtained shareholders’ authorisation at the 38th Annual General Meeting (AGM) of the bank on 28th March 2018.
The increase, according to the Managing Director of SG Ghana, Hakim, was through a bonus issue by the transfer from income surplus to stated capital of GH¢97 million backed by a bonus share of 6 to 1 and a Renounceable Rights Issue to raise up to GH¢170 million.
He stated that this effort has strengthened the capital base of SG Ghana to enable the bank engage in higher volumes of financial transactions.
The new capitalisation will make it possible for SG Ghana to position itself to take advantage of the huge opportunities in the Ghanaian industry.
It would also enhance the bank’s competitive edge and enable it deal with new challenges.
The Bank of Ghana, Securities and Exchange Commission (SEC) and Ghana Stock Exchanged approved the Bonus Issue and Rights Issue.
Societe Generale Group is confident in Ghana and the operations of SG Ghana.
The bank is diligently working hard to support its customers as championed by its new brand signature; ‘The Future is You’.”
Societe Generale Ghana also thanked all who were involved in the project to increase the stated capital, including regulators and transaction advisors.
By Melvin Tarlue