Access Bank Ghana has met the new minimum capital requirement set by the Bank of Ghana (BOG) ahead of the stipulated deadline in December.
This makes Access Bank the first among Banks requiring to raise the new capital of GHS 400million set by the Central Bank.
The announcement comes after the Bank completed its Rights Issue, which ended on July 3, 2018.
The Rights Issue was for 75,757,576 new ordinary shares of no par value at GHS 3.96 per share in a ratio of 1 new share for every 1.5588 existing shares held by qualifying shareholders of Access Bank.
In all, a total of 55,854,462 shares were subscribed for, raising a total of GHS 221,183,669.52 (constituting 73.73% of the Offer Amount).
The Offer sought to raise a minimum of GHS 60 million, and up to GHS 300 million, putting the Bank’s stated capital in excess of GHS 400million as the Bank converts part of its surplus income into capital.
Commenting on this feat, the Managing Director of Access Bank Ghana, Mr. Ifeanyi Njoku indicated that the Bank is well positioned to continue pursuing its objectives of supporting key sectors of the Ghanaian economy for growth.
He added, “Our commitment to remain competitive in Ghana is well on course with this boost in our capital and our customers and shareholders can be assured of us building a sustainable business franchise that supports their banking needs”.
In December 2017, shareholders of the Bank at an Extraordinary General Meeting (EGM) approved for the Bank to raise an additional capital to be implemented through the combination of a bond programme and rights issue.
Access Bank became the first Ghanaian bank of Nigerian heritage to be listed on the Ghana Stock Exchange in December 2016.
The Bank commenced its operations in 2009 and now with has 52 branch locations across the country. Access Bank is positioned as a catalyst for socio-economic growth and continues to invest heavily in key sectors of the Ghanaian economy including energy, agriculture and oil & gas.
This has also strengthened its position as a key player in promoting Public Private Partnerships in the country.
Source: Citi Business News