Energy Commercial Bank has refuted a recent media publication on its Initial Public Offer (IPO) process.
The media publication stated that the bank was on course to receiving final approval from the Securities and Exchange Commission (SEC) to float shares to the Ghanaian investing public by next month.
Adding that, the listing prospectus was being scrutinized by the Security and Exchange Commission for final approval.
In a press release on September 3, 2018, management of the bank has stated emphatically that, once the bank receives a go ahead from the Securities and Exchange Commission, it will officially launch the IPO.
“It hereby state unequivocally that it will go ahead with the intended plan to launch the IPO once approval is received from the Securities and Exchange Commission”.
The Managing Director and Chief Executive Officer of Energy bank, Christiana Olaoye assured customers that their deposits and other transactions with the bank is safe, and the credibility of the bank still holds.
“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 flotation period to enable the bank recapitalize to more than GHS400 million.
She added that business has been good so far, with the bank boasting of a strong liquid balance sheet.
IC Securities, the transaction adviser, is expected to market the shares to many investors in the country.
Currently, the bank operates in 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.