UT Bank to raise GH?100m shareholders

UT Bank would next month be seeking shareholders approval to raise up to GH?100 million ?by way of right issue or private placement.

The bank made the announcement in a notice of Annual? General? Meeting.

Joy Business gathers that the bank plans to use proceeds from the offer to recapitalize the bank and some other projects.

It is not clear whether plans by the Bank of Ghana to possibly increase the minimum capital required to operate for Banks operating in the country might have influence this move.

Annual General Meeting would also be seeking shareholders? approval to buy? its own shares.

Source: Myjoyonline