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Access Bank clears minimum capital hurdle to list on Ghana Stock Exchange

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Access Bank clears minimum capital hurdle to list on Ghana Stock Exchange

Access Bank (Ghana) Ltd. will be listed on the Ghana Stock Exchange on Dec. 21, Citi Business News reported Dec. 20.

The bank launched its IPO of 26 million shares priced at 4 Ghanaian cedis per share Oct. 17, seeking to raise 104 million cedis. The Access Bank Plc unit raised 29.6 million cedis from its extended IPO, just above the 21 million cedi regulatory minimum required to list on the Ghana Stock Exchange.

Citi Business News said there were 1,820 applications subscribing to about 7.4 million shares in the IPO. However, Access Bank is said to have received interest from other investors to buy shares not issued under the offer, which is expected to push the figure up to 125 million cedis.

The Nigerian parent will now own 75% of the Ghanaian unit, with 10% held by Ghanaian pension fund Social Security and National Insurance Trust and the remaining 15% by institutions and individuals, according to the report.

As of Dec. 20, US$1 was equivalent to 4.21 Ghanaian cedis.