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Ghana's Energy Bank eyes raising 330M cedi via IPO

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Ghana's Energy Bank eyes raising 330M cedi via IPO

Energy Bank Ghana Ltd. intends to raise about 330 million cedi via an IPO on the Ghana Stock Exchange, Bloomberg News reported, citing Charles Nixon Yeboah, a spokesperson for the bank.

The IPO is the lender's bid to meet the minimum capital requirement imposed by the Bank of Ghana, the March 13 report said. The bank has until December to raise its minimum capital to 400 million cedi from 120 million cedi.

Yeboah reportedly said the offering will kick off in April, with IC Securities Ltd. as transaction adviser for the rights issue.

Earlier, Chairman Jimoh Ibrahim told Joy Business that he would resign from his post, saying: "If you're going to do IPO and people want to come in then you cannot continue to be the chairman so I'm going to drop out."

Local banks such as HFC Bank (Ghana) Ltd. and Access Bank (Ghana) Plc are also planning to sell shares to meet the central bank's requirement, according to Bloomberg.

As of March 12, US$1 was equivalent to 4.44 Ghanaian cedi.