Energy Commercial Bank says it has failed to raise the minimum amount required for its Initial Public Offer (IPO).
“The minimum amount to make the Offer successful was not raised and therefore refunds will be made to all applicants. Applicants are advised to contact receiving agents or receiving banks where they applied for shares in the Offer to receive their refund,” the Bank said in a statement.
The Bank said, “Applicants should ensure that they have proof of their application (e.g. receipt) and proof of identification when they contact the respective receiving agents or receiving banks.”
Refunds will be available at the registered offices or branches of the respective receiving agents and receiving banks from 14 December 2018.
Minimum capital requirement
Telesol launches 4G internet service; set to bridge digital gap
Managing Director of Telesol, a 4G-internet service provider said the company is set to adopt new technologies to widen the current digital divide between Africa and the rest of the world beginning from Ghana.
According to Bank, it “is raising the required capital to meet Bank of Ghana’s minimum capital requirement from potential investors through a private placement.”
Requirements for a successful IPO
The IPO consisted of an offer for subscription of 261,538,462 new ordinary shares of Energy Commercial Bank Limited to raise GHS 340,000,000 on the main board of the Ghana Stock Exchange (“the Offer”).
The minimum amount to be raised for the Offer to be declared successful was GHS 68,000,000.
In the event that this amount was not obtained, then all monies paid for ECBL shares under the Offer are to be returned to the receiving banks and receiving agents for onward distribution to applicants after the Offer period has ended.
Energy Commercial Bank last October launched its Initial Public Offer to raise GH₵340 million in shares from the Ghanaian investing public.
The Bank was seeking to float millions of shares at GHS1.30p per share.
Earlier, Energy Commercial Bank received approval from the Securities and Exchange Commission (SEC) to raise GH¢340 million in shares from the Ghanaian investing public.
Prior to that, the Bank had gotten “No Objection” from the Bank of Ghana as well as the Ghana Stock Exchange to raise capital on the GSE by offloading over 50 percent of shares.
Have your say
More Business Headlines
- Group praises Energy Bank, First Atlantic Bank merger talks
- Nestle Ghana is “Overall Best Industrial Company of the Year”
- UNDP launches mobile App for cocoa tree registration
- Africa's biggest fund manager to be probed on Steinhoff
- First Atlantic Bank formally notifies BoG of merger plans with Energy Bank
- GSE bleeds over bank closures; fails GH¢4.7bn capital test
- Imperatives before the marriage dubbed merger & acquisition
- Ghana set to commence flights to Seychelles
- After ugly year, biggest Africa stock market may rally
- Amewu-led Ameri deal “better” – ACEP lauds
- TIN registration picking up; ‘Over 2m registered’ - GRA
- Telesol launches 4G internet service; set to bridge digital gap
- Reserve Bank of India governor steps down
- Huge desert solar initiative to make Africa a renewables power-house
- Ghana, UAE trade volumes expected to hit $4 billion by end of 2018