Energy Commercial Bank IPO is on course – MD

Mrs .Olaoye

Mrs .Olaoye

Energy Commercial Bank says it will go ahead with its intended plan to launch its intended Initial Public Offering (IPO) once it receives approval from the Securities and Exchange Commission.

The Bank has therefore, refuted a recent media publication that the IPO process is facing challenges.

Managing Director and Chief Executive Officer, Christiana Olaoye in a statement issued in Accra yesterday said “We are a bank that has performed well over the years, maintaining healthy capital adequacy and liquidity ratios, thereby ensuring safety of depositors’ funds and maximizing returns to shareholders.”

 

Energy Commercial Bank is hoping to float over 50 percent shares to Ghanaian institutional and retail investors. This is expected to bring in over GHS340 million during the floatation period to enable the bank recapitalize to more than GHS400 million.

 

IC Securities is the Transaction Adviser and 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. It is expected to expand vigorously once it completes its recapitalization

 

 

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