Access Bank Plc plans to sell a stake of about 19 per cent in its Ghana unit in an initial public offering that will begin before the end of the year. According to Bloomberg News, the lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra yesterday.
Access Bank Ghana Limited can sell stock representing as much as 32 per cent of the company if demand outstrips supply, he said. “We have approved everything,” Aidoo said. “The bank wants to boost capital so they can do bigger business.”
The company plans to list the securities on the Ghana Stock Exchange, Aidoo said. Access Bank Ghana Managing Director Dolapo Ogundimu wasn’t immediately available to comment, while African Alliance Securities Limited, which is advising on the transaction, didn’t immediately respond to an e-mailed request for comment. Access Bank Plc reported 26.21 per cent growth in profit after tax for the second quarter ended June 30, 2016.
The unaudited first quarter 2016 financial results released to the Nigerian Stock Exchange (NSE) showed that the bank’s profit after tax (PAT) for the period rose to N39.489 billion, representing a 26.21 per cent y/y growth when compared to N31.287 billion in Q2 2015. Profit before tax (PAT) was up 27.89 per cent y/y to N50.022 billion in half year 2016 from N39.113 billion in Q2 2015. Gross earnings for the period under review stood at N174.069 billion in H1 2016, up 3.22 per cent y/y from N168.641 billion in H1 2015