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    Deadline for debt exchange program moved to February 7 with new terms

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    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Access bank extends IPO period by fourteen days

bycitibusinessnews
November 14, 2016
in Banking And Finance, Local Economy, Top Stories
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Access bank has extended its Initial Public Offer (IPO) period by two weeks.

The bank has extended the closing period for the offer from November 11, 2016 to November 25, 2016.

A statement from the bank on the extension said, “The Securities and Exchange Commission has granted the Bank an extension to its Initial Public Offer (IPO) period.”

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The offer seeks to raise 104 million cedis to meet the bank’s increased operational expenditure.

It is unclear what reasons accounted for the extension of the offer period but some industry watchers believe the general slow performance of the stock market may have affected the performance of the offer.

Access bank becomes the first Nigerian Bank to list on the Ghana Stock Exchange if its IPO is successful.

The move also comes after calls by the Securities and Exchange Commission (SEC) for multinationals to list on the domestic bourse and improve Ghana’s capital market.

Some stock market analysts earlier predicted that more companies are likely to list on the Ghana Stock Exchange to meet the recapitalization requirement by the Bank of Ghana.

An Associate, Equity Trading at UMB Capital, Kofi Kyei tells Citi Business News one of the influences of Access bank’s listing will involve attracting other commercial banks to list on the Ghana Stock Exchange to meet the new regulatory requirement for commercial banks.

“The bank of Ghana’s decision to review the minimum capital requirement for banks from the 120 million to 500 million cedis, we expect a lot of such transactions not only the floating of shares but also mergers and acquisitions just to keep the banks within the regulatory requirements,” he stated.

Access bank’s 4 cedis per share price will be the third highest among the banks listed on the Ghana Stock Exchange (GSE) if its bid to list is successful.

The highest is Standard Chartered bank at 14 cedis 10 pesewas followed by Ecobank Ghana at 6 cedis 82 pesewas.

Responding to whether or not the 4 cedis share price is on the high side, a stock analyst, Nana Agyeman Gyamfi described the price as fair though he admitted that the banking stocks have generally not been performing well.

“In my view, looking at their fundamentals, the 4 cedi share price is not that bad and that compares favourably with other banks… I will say probably looking at the bank’s performance, the 4 cedis is a fair price for investors,” he opined.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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