ACCESS BANK SEEKS APPROVAL TO RAISE ¢300 MILLION TO RECAPITALIZE

Access Bank seeks approval to raise ¢300 million to recapitalize

Source: Ghana|Myjoyonline.com | JoyBusiness
Date: 5th-december-2017 Time:  1:52:34 pm

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Access Bank will be seeking shareholders’ approval to embark on a rights issue to raise up to ¢300 million.

The bank will be hoping to secure shareholders’ blessings at an Extra Ordinary General Meeting that will be held on December 12, 2017.

This is to help the bank raise additional equity to meet the new capital requirement of ¢400 million by December 2015.

This was contained in a shareholder circular issued to investors Monday.

Access Bank is also looking at issuing a five-year bond to raise up to ¢150 million through private placement or public offer that would be listed on the Ghana Fixed Income market.

This is to help finance the general corporate purposes of the company. 

Access Bank would become the second financial institution after HFC Bank to turn to the Capital Market to raise funds from the capital market to help meet the new capital levels of ¢400 million by the Bank of Ghana (BoG).

Click here to access the circular

 

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