Access Bank Ghana To Raise $26.2m
Access Bank Ghana launched an initial public share offer yesterday, aimed at raising at least 104 million cedis ($26 million) for the lender, which is a subsidiary of Access Bank of Nigeria Plc. According to Reuters News, the offer follows approval from Ghana’s Security and Exchange Commission and the Ghana Stock Exchange.
The offer open from Wednesday until November 11, the bank said in a statement. “We are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure,” said Access Bank Ghana Managing Director Dolapo Ogundimu.
The launch reflects a drive by subsidiaries of Nigerian banks to seek fresh sources of funding given the weakness of its own economy due to low oil prices. Access Bank had raised US$300 million via an Eurobond maturing in October 2021, at a yield of 10.75 per cent.
This news follows an October 3rd announcement by the bank stating plans to refinance its US$350 million Eurobond, which is maturing in July 2017 as part of a US$1 billion global medium term note programme.
Source: New Telegraph