Energy Commercial Bank gets SEC approval to raise GH¢340m

Accra, Sept. 18, GNA – Energy Commercial Bank
says it has received approval from the Securities and Exchange Commission (SEC)
to raise GH¢340 million in shares from the investing public.

Prior to that, the Bank had received “No
Objection” from the Bank of Ghana as well as the Ghana Stock Exchange to raise
capital on the GSE by offloading over 50 per cent of shares.

The Bank is floating millions of shares to
investors through an Initial Public Offer (IPO).

The shares will subsequently be listed on the
Ghana Stock Exchange where they will trade on the secondary market.

Expressing delight about the approval of the
IPO, which will enable the Bank to 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,”
he said.

“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 for 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.”

The Transaction Adviser, IC Securities is
expected to market the shares to many investors within 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.


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