Access Bank launches initial public offer today
Access Bank Ghana Ltd has launched an Initial Public Offer (IPO) of its shares to raise a total of GH¢104 million to support its growth and expansion strategies.
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The IPO is the flotation of shares on the capital market and enables investors to buy shares in the bank, thereby owning a piece of the business which has since its entry into Ghana been growing on all parameters.
African Alliance Securities and Chapel Hill Denham Securities are the lead managers and sponsoring brokers for the IPO.
A statement issued by the bank said the offer would open from October 19, 2016 and end on November 11, 2016. Prospective investors are required to purchase a minimum of 100 shares at GH¢4 per share.
The launch follows approval from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to undertake the IPO and subsequently list on the Ghana Stock Exchange.
Launching the IPO, the Managing Director of Access Bank Ghana, Mr Dolapo Ogundimu, said “there is the need to grow capacity to take advantage of the opportunities that have emerged from running successful operations in Ghana so far. In addition, we are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure which will enable us to fulfil our commitment to deliver superior banking services to our valued customers and stakeholders.”
Mr Ogundimu said Access Bank had strengthened its resolve to build a truly sustainable bank that offered superior value to shareholders, customers and the communities it served and added that its positive growth trajectory and consistent financial performance over the past seven years provided adequate basis for prospective investors to buy shares in the bank.
Commenting on the milestone, the Chairman of the Board of Directors of the bank, Mr Frank Beecham, expressed the bank’s belief in the potential of Ghana’s economy and optimism about the exercise.
“Access Bank is here to stay for the long haul and we encourage both private and institutional investors to participate in this offer and own a part of one of the fastest growing banks in Ghana.”
The Chief Executive Officer of African Alliance Securities Ghana, Mr Winston Nelson Jr, also urged interested investors to obtain the prospectus of the offer from any Access Bank branch in Ghana, the Office of African Alliance, stockbrokers or from the bank’s website.
The development is good for deepening the Ghana Stock Exchange and for the long term strengthen the local currency.
Economists and financial analysts, including the Director General of the SEC, Dr Adu Anane Antwi, and a former President of the Association of Ghana Industries (AGI), Mr Tony Oteng-Gyasi, had been calling on foreign companies operating in Ghana to list on the GSE to enable Ghanaians to be part of their success stories.
Besides acting as a corporate social responsibility of giving back to the community in which they operate, analysts believe it would also relieve the local currency of the heavy pressure when it comes to transfering profits offshore.
About Access Bank Ghana
Access Bank (Ghana) Limited was established in August 2009 as a full service commercial bank offering universal banking services to corporate, commercial, SME and individual customers across Ghana.
It is a member of the Access Bank Group of Nigeria and leverages on the international network of the group in eight African markets spanning sub-Saharan Africa’s three monetary zones, as well as in the Far East, Middle East, Asia and the United Kingdom, to facilitate trade activities for businesses across the sub-region and the rest of the world.
Currently, Access Bank Ghana serves customers across 46 business offices located in all the 10 regional capitals as well as key commercial centres and cities across the country.
With an impressive growth trajectory over the past seven years, which earned it the 2013 Bank of the year award, Access Bank has experienced a rapid growth and gained recognition as one of the fastest growing banks in Ghana.