By Kofi Ahovi
The Intercontinental Bank Ghana Limited (IBG) has began a private placement offer to raise an amount of GH 28.90 million.
The bank is issuing a total of 15,621,622 to 17,000,000 ordinary shares of no par value at GH1.70 to GH1.85 per share.
The purpose of the offer is to enable the bank meet its statutory capital requirement of GH60 million and to support the strategic business development of the bank.
The offer which started on October 29, 2009 is expected to end on November 27, this year.
Each applicant is required to subscribe to a minimum number of 410,000 shares and thereafter in multiples of 100,000 shares.
The minimum amount to be raised for the offer to be successful has been set at GH28.90 thus a 100% of the offer. In the event of oversubscription the bank will not issue additional shares to take up the excess subscription.
According to the bank in the event that the entire amount is not realized, and the Bank fails to meet the minimum stated capital of GH60 million set by the Bank of Ghana, IBG will pursue other plausible financing structures and sources to enable it achieve its capital raising objective.
The bank recorded an amount of GH10,700 as profit after tax and GH14,026 as profit before tax as at the end of 2008. The bank’s total asset during the same period stood at GH299, 468 compared to GH99,878 in 2007. The figure has risen to GH324,028 by the end of September this year.
The Intercontinental Bank Ghana Limited (IBG) has began a private placement offer to raise an amount of GH 28.90 million.
The bank is issuing a total of 15,621,622 to 17,000,000 ordinary shares of no par value at GH1.70 to GH1.85 per share.
The purpose of the offer is to enable the bank meet its statutory capital requirement of GH60 million and to support the strategic business development of the bank.
The offer which started on October 29, 2009 is expected to end on November 27, this year.
Each applicant is required to subscribe to a minimum number of 410,000 shares and thereafter in multiples of 100,000 shares.
The minimum amount to be raised for the offer to be successful has been set at GH28.90 thus a 100% of the offer. In the event of oversubscription the bank will not issue additional shares to take up the excess subscription.
According to the bank in the event that the entire amount is not realized, and the Bank fails to meet the minimum stated capital of GH60 million set by the Bank of Ghana, IBG will pursue other plausible financing structures and sources to enable it achieve its capital raising objective.
The bank recorded an amount of GH10,700 as profit after tax and GH14,026 as profit before tax as at the end of 2008. The bank’s total asset during the same period stood at GH299, 468 compared to GH99,878 in 2007. The figure has risen to GH324,028 by the end of September this year.
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