Access bank lists as 11th bank on the Ghana Stock Exchange(GSE). Access Bank Ghana has officially listed on the Ghana Stock Exchange (GSE). The bank becomes the first Nigerian bank and the eleventh bank in Ghana, to list on the local bourse.
Access bank completed its Initial Public Offer (IPO) raising 29.62 million cedis, just above the 21 million cedis regulatory requirement to list on the stock market.
Speaking at the official ceremony to list the company on the stock market, the Managing Director of Access Bank, Dolapo Ogundimu said,
“We need to include Ghanaians as our shareholders because we operate in Ghana so we need to expand our operations to include other Ghanaians.”
Meanwhile the bank has received firm commitments from other investors to cover shares that were not issued under the terms of offer.
It is however expecting over 96 million cedis from such investors.
Commenting on when such investments are likely to be made available to Access bank, Mr. Ogundimu intimated to Citi Business News he is hopeful all investors will fulfill their commitments by February 2017.
“SSNIT has put out a statement that it has put in about 50 million cedis and there are other high net worth individuals who will be contributing to the 96 million cedis, maybe latest by February all the monies should be in,” he remarked.
Meanwhile the ownership of the company following the IPO will now see about 75 percent going to the parent company of Access Bank Ghana that is Access bank PLC, 10 percent now owned by a Ghanaian pension fund while the remaining 15 percent belongs to a number of institutions and individuals.