Energy Commercial Bank is presently in discussions with some strategic investors to acquire a stake in the bank through a private placement in order to meet the Bank of Ghana’s minimum capital requirement of 400 million cedis.
The discussions are expected to be completed soon to enable the bank meet the December 31 deadline.
A statement copied to Citi Business News said the bank is, thus, refunding all monies paid for the Energy Bank shares under the Initial Public Offer (IPO) that ended a few weeks ago.
The bank’s IPO consisted of an offer to raise 340 million cedis.
According to the statement, all monies paid for the bank’s 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 if the minimum amount target is not met.
The minimum amount to be raised for the offer to be declared successful was 68 million cedis.
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By: Citibusinessnews.com/Ghana