Energy Commercial Bank is on course to receive a final approval from the Securities and Exchange Commission (SEC) to float shares to the Ghanaian investing public by August 2018.
Presently, the listing prospectus is with the SEC for final scrutiny and approval.
The process to allow Ghanaians to become part owners of the lender began in March 2018 and the financial intermediary is expected to list on the Ghana Stock Exchange (GSE) right after the initial public offer.
The Bank of Ghana and the GSE had earlier expressed satisfaction with the bank’s intention to list and given it the go ahead.
Energy Commercial Bank is hoping to float over 50 percent shares to Ghanaian institutional and retail investors. This is expected to bring in over ¢340 million during the floatation period to enable the bank to recapitalise to more than ¢400 million.
The bank is confident it will raise enough capital on the Ghana Stock Exchange because of its stability and performance over the years. It has been recording consistent profit since beginning the banking business in February 2011.
Even before the public offering begins, it is believed that several investors have expressed interest to buy stakes in the bank.
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