Two of the country’s biggest universal banks listed on the Ghana Stock Exchange have unveiled their plans to raise new equity capital ahead of the Bank of Ghana’s deadline for majority foreign owned banks to meet the new minimum capital requirement of GH¢60 million by 2010.
SG-SSB Limited (SG-SSB) has announced a Renounceable Rights Offer of 57.5million ordinary shares of no par value at GH¢ 0.40 (40Gp) per share to qualifying shareholders. This represents a 33% discount on the current market price of GH¢ 0.60 as at September 8, 2009. The terms of the offer is in a ratio of one new share for every five shares held.
The Register of Members will be closed to the general public between 28th and 30th September 2009.
The Ex-Rights date has been set as 23rd September and the Qualifying Date has been set as 25th September. Consequently, only shareholders on the Register of Members of SG-SSB at the close of business on 25th September will be entitled to exercise Rights under the Offer. Investors purchasing SG-SSB shares on or after 23rd September (Ex-Rights date) shall not qualify to exercise Rights under this Offer.
Meanwhile, Ecobank Ghana Limited has also announced a Renounceable Rights Offer of 28.6 million ordinary shares at GH¢ 2.78 per share to qualifying shareholders. This represents a 10% discount on the market price as at 3rd September 2009. The terms of the offer is in the ratio of one new share for every seven existing shares held as at 16th September.
It is expected that Register of Members of EBG will be closed to the general public between 17th and 18th September 2009. The ex-rights and qualifying dates have been set as 14th and 16th September respectively.
By Fred SARPONG
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