Many analysts have hailed the move, signalling that it could be the launch pad for other multinational giants who are sceptical about the prospects of the stock exchange to change their focus.
The Nigerian-originated bank launched its Initial Public Offering (IPO) a week ago and it is expected that by the time the offer closes on 11th November, the bank will be able to raise the minimum it is seeking to continue its strategic growth and expansion.
Selling at GH¢4 per share, the IPO was led and co-sponsored by African Alliance Securities and Chapel Hill Denham Securities respectively.
The Securities and Exchange Commission (SEC) has for the past five years appealed to multinationals in the country to cede part of their companies to locals via the stock exchange and with Access’ move to the market, those calls are now bearing fruit.
But the Director General of the SEC, Dr. Adu Anane-Antwi has noted that Access Bank’s move is just a first of many and the SEC is not resting until many more multinationals are on the market.
“The advocacy continues and we believe that we will get some of the companies responding positively. For example Access bank which is a Nigerian owned bank is preparing to float parts of its shares and list on the Ghana Stock Exchange…We are hoping that other companies will heed to the appeal and do same.”
Managing Director of Access Bank Ghana, Dolapo Ogundimu said: “There is the need to grow capacity to take advantage of the opportunities that have emerged from running successful operations in Ghana so far.
In addition, we are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure, which will enable us to fulfill our commitment to deliver superior banking services to our valued customers and stakeholders”.
Mr. Ogundimu stated that Access Bank has strengthened its resolve to build a truly sustainable bank that offers superior value to shareholders, customers and the communities it serves and that its positive growth trajectory and consistent financial performance over the past seven years provide adequate basis for prospective investors to buy shares in the Bank.
Commenting on this milestone, the Chairman of the Board of Directors, Frank Beecham expressed optimism about the exercise and bank’s confidence in the potential of Ghana’s economy. He noted: “Access Bank is here to stay for the long haul and we encourage both private and institutional investors to participate in this offer and own a part of one of the fastest growing banks in Ghana.”
The Chief Executive Officer of African Alliance Securities Ghana, Winston Nelson Jr, also urged interested investors to obtain the prospectus relating to the offer from any Access Bank branch in Ghana, the Office of African Alliance, stockbrokers or online via www.ghana.accessbankplc.com.
Since beginning its operations in 2009, Access Bank has remained a catalyst for socio-economic development in the country, pursuing sustainable business practices through its business operations. The share offer is in furtherance of this commitment.
Source: B&FT Online