Energy Commercial Bank Extends IPO

Energy Commercial Bank Limited has extended its Initial Public Offer (IPO) to November 16, which was expected to end on Friday, November 2, 2018.

This follows approval for extension by the Securities and Exchange Commission.

A circular by the Ghana Stock Exchange indicates that the listing of all Energy Commercial Bank shares will take place on December 16, instead of the earlier arrangement of December 6.

Importantly, shares of Energy Commercial Bank can still be purchased at any branch of Energy Commercial Bank Limited, UBA, Zenith Bank, UMB, Ecobank Ghana, IC Securities Ghana Limited and any licensed dealing member of the Ghana Stock Exchange.

Also, the minimum number of shares, which can be subscribed to under the offer, is 100 shares amounting to GH?130.00 and in multiples of 10 thereafter.

Energy Commercial Bank is seeking to raise GH?340 million from the Ghanaian investing public.

The bank is floating over 261 million new shares at GH¢1.30 per share.

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 recapitalisation.

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