Energy Commercial Bank says it has failed to raise the minimum amount required for its Initial Public Offer (IPO).
“The minimum amount to make the Offer successful was not raised and therefore refunds will be made to all applicants. Applicants are advised to contact receiving agents or receiving banks where they applied for shares in the Offer to receive their refund,” the Bank said in a statement.
The Bank said, “Applicants should ensure that they have proof of their application (e.g. receipt) and proof of identification when they contact the respective receiving agents or receiving banks.”
Refunds will be available at the registered offices or branches of the respective receiving agents and receiving banks from 14 December 2018.
According to Bank, it “is raising the required capital to meet Bank of Ghana’s minimum capital requirement from potential investors through a private placement.”
Requirements for a successful IPO
The IPO consisted of an offer for subscription of 261,538,462 new ordinary shares of Energy Commercial Bank Limited to raise GHS 340,000,000 on the main board of the Ghana Stock Exchange (“the Offer”).
The minimum amount to be raised for the Offer to be declared successful was GHS 68,000,000.
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In the event that this amount was not obtained, then all monies paid for ECBL shares under the Offer are to be returned to the receiving banks and receiving agents for onward distribution to applicants after the Offer period has ended.