Calbank announces GH¢600m renounceable rights issue
Carl Selasi Asem, acting MD, CalBank

Calbank announces GH¢600m renounceable rights issue

CalBank has announced a GH¢600 million Renounceable Rights Issue of 1,872,461,736 ordinary shares of no par value at GH¢0.29 per share and 196,503,781 preference shares of no par value at GH¢0.29 per share.


The offer will be in a ratio of one new ordinary share for every 0.3351 existing ordinary shares and one new preference share for every 3.1935 existing ordinary shares held by a qualifying shareholder.

This was proposed by the Board of Directors and subsequently approved by the shareholders of the bank at its Annual General Meeting held in Accra on June 8, 2023, 

A notice from the Ghana Stock Exchange (GSE) said “Pursuant to section 37 of the Companies Act, 2019 (Act 992) and Rule 40(b) of the Ghana Stock Exchange

Listing Rules, 2006, the register of members of CalBank will be closed to the general public on 4 April 2024.

The ex-rights and qualifying dates for the Offer have been set for March 28, 2024 and April 3, 2024 respectively. Only shareholders on the register of members of CalBank as at the close of business on April 4, 2024, will be entitled to exercise their rights under the Offer.”


It said applications will only be accepted from qualifying shareholders or investors who have had rights renounced in their favour, subject to the Ghana Stock Exchange Listing Rules, the terms of the Offer and other applicable laws.

“The proceeds from the Offer will be used to improve the bank’s regulatory capital position, continue the effective execution of its growth strategy and enable the bank to continue to deliver long-term value to its shareholders.

The notice said the Securities and Exchange Commission approved CalBank’s Rights Issue Circular setting out further details of the Offer on February 22, 2024. The Ghana Stock Exchange has also granted CalBank approval to list the additional shares following a successful Offer.” It said. 

The Offer, the notice added, will commence on April 5, 2024 and close on April 26, 2024.

“IC Securities (Ghana) Ltd is acting as Lead Manager and Sole Sponsoring Broker to CalBank in respect of the Offer.

IC and CalBank are acting as Receiving Agent and Receiving Bank respectively in respect of this Rights Issue,” it added.

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