….to raise more capital
By Kofi Ahovi
CAL Bank Limited is to raise additional capital through a renounceable rights issue to meet the Bank of Ghana’s new capital requirement of GH¢60 million and to expand its operations and increase efficiency.
A total of 150 million ordinary shares is on sale at a GH¢0.20 per share. One new share will be allotted to every 1.1275 existing shares. The offer starts today Monday September 28 and is expected to end on October 23, 2009. The current share price of CAL is GH¢0.24.
The bank hopes to generate a total of GH¢ 30 million from the offer.
The issue, being renounceable, gives an opportunity to interested new investors to buy into CAL’s equity by taking up any shares allocated to existing shareholders that are not taken up by them.
International shareholders and new investors could subscribe to the offer by contacting their custodians (Barclays Bank and Stanbic Bank) in the country, however qualified new shareholders need to open a depository account with their custodians.
The bank has recorded 190% increase in dividends since its Initial Public Offer (IPO), 311% increase in total assets since the IPO and 160% increase in profit after tax.
The net interest income of the bank over the past three years has grown by about 32% adding that the bank hoped to raise its net interest income by 51% by the end of 2011.
The bank’s shareholders' funds grew from GH¢31 million to GH¢37.43 million between 2007 and last year, and the bank expects this amount to further grow to GH¢102.013 million by the end of 2011.
CAL bank, which has about 13 branches and 40 automated teller machines (ATMs), hopes to increase its number to 48 and 100 respectively by the end of the year 2011.
By Kofi Ahovi
CAL Bank Limited is to raise additional capital through a renounceable rights issue to meet the Bank of Ghana’s new capital requirement of GH¢60 million and to expand its operations and increase efficiency.
A total of 150 million ordinary shares is on sale at a GH¢0.20 per share. One new share will be allotted to every 1.1275 existing shares. The offer starts today Monday September 28 and is expected to end on October 23, 2009. The current share price of CAL is GH¢0.24.
The bank hopes to generate a total of GH¢ 30 million from the offer.
The issue, being renounceable, gives an opportunity to interested new investors to buy into CAL’s equity by taking up any shares allocated to existing shareholders that are not taken up by them.
International shareholders and new investors could subscribe to the offer by contacting their custodians (Barclays Bank and Stanbic Bank) in the country, however qualified new shareholders need to open a depository account with their custodians.
The bank has recorded 190% increase in dividends since its Initial Public Offer (IPO), 311% increase in total assets since the IPO and 160% increase in profit after tax.
The net interest income of the bank over the past three years has grown by about 32% adding that the bank hoped to raise its net interest income by 51% by the end of 2011.
The bank’s shareholders' funds grew from GH¢31 million to GH¢37.43 million between 2007 and last year, and the bank expects this amount to further grow to GH¢102.013 million by the end of 2011.
CAL bank, which has about 13 branches and 40 automated teller machines (ATMs), hopes to increase its number to 48 and 100 respectively by the end of the year 2011.
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