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Access Bank Plans To Sell 19% Stake In Ghana Unit In IPO

Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial publicoffering that will begin before the end of the year.

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 on Thursday. Access Bank Ghana Ltd. can sell stock representing as much as 32 percent 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 immediatelyAVAILABLE to comment, while African Alliance Securities Ltd., which is advising on the transaction, didn’t immediately respond to an e-mailed request for comment.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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