Access bank launches IPO of shares

Access Bank Ghana has officially launched an Initial Public Offer (IPO) for prospective investors to buy shares in the Bank and be a part of its growing fortunes.

The launch follows approval from the Securities and Exchange Commission (SEC) and the  Ghana  Stock  Exchange (GSE)  to  undertake   an   Initial   Public   Offering   and subsequently list on the Ghana Stock Exchange.

Access Bank hopes to raise a minimum amount of GHs104 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 GHC4.00 per share.

Launching the IPO, the Managing Director of Access Bank Ghana, Mr. Dolapo Ogundimu 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 fulfil our commitment to deliver superior banking services to our valued customers and stakeholders”.

Mr. Ogundimu  stated   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  it’s positive growth  trajectory and  consistent financial performance   over   the   past   seven   years   provides   adequate   basis   for   prospective investors to buy shares in the Bank.

He   named  African   Alliance   Securities   and   Chapel   Hill   Denham   Securities   as   Lead Managers and Sponsoring brokers for the IPO.

Commenting   on   this   milestone,   the   Chairman   of   the   Board   of   Directors,   Mr.  Frank Beecham expressed optimism about the exercise and belief of the Bank 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 apart of one of the fastest growing banks in Ghana”

By: citifmonline.com/Ghana

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