Energy Commercial Bank (ECB) has refuted a recent media publication on its Initial Public Offer (IPO).
According to the bank, it would go ahead with the intended plan to launch the IPO once approval has been received from the Securities and Exchange Commission (SEC).
Managing Director and Chief Executive Officer (CEO), Christiana Olaoye said, “We are a bank that has performed well over the years, maintaining healthy capital adequacy and liquidity ratios, thereby ensuring safety of depositors’ funds and maximizing returns to shareholders.”
Energy Commercial Bank is hoping to float over 50 percent shares to Ghanaian institutional and retail investors.
This is expected to bring in over GH¢340 million during the floatation period to enable the bank recapitalize to more than GH¢400 million.
IC Securities is the Transaction Adviser and expected to market the shares to many investors in the country.
Energy Commercial Bank presently operates 12 branches in Ghana – five in Accra, three in Kumasi and the rest in Tema, Takoradi and Tamale.
It’s expected to expand vigorously after the recapitalization exercise.