Adb bank has raised an additional 146.6 million cedis from shareholders to shore up the bank’s capital level.
The move also follows the bank’s renounceable rights issue that it embarked on in March.
Information available to Citi Business News also indicates that the shares will be available for trading on the local bourse from Friday, April 5.
A statement released by ADB and copied to Citi Business News said the amount raised represents over sixty percent of the subscription offer.
According to ADB, a total of eighteen shareholders applied for the Renounceable Rights Issue.
These shareholders applied for about thirty-one thousand shares out of the estimated forty-nine thousand shares on offer.
Adb says the subscription could be described as successful since it exceeded the minimum offer amount of one hundred and twenty-five million cedis.
This means that adb has added 146.6 million cedis to its capital for its operations.
This adds up to the bank’s existing 425 million cedis capital.
As a result, adb’s capital will stand at 571 million cedis when the process is completed.
This will also mean that adb’s capital will be 171 million cedis more than the 400 million cedis the Bank of Ghana has required of commercial banks.
ADB is also part of the five banks to benefit from the 2 billion cedis bond that the Ghana Amalgamated Trust (GAT) is expected to issue to assist them meet the new minimum capital requirement for commercial banks.
–
By: Pius Amihere Eduku/citibusinessnews.com/Ghana