ENERGY COMMERCIAL BANK TO REFUND INVESTORS MONEY

From next Friday, December 14 2018 Ghana's Energy Commercial Bank will start the refund of monies investors used to subscribe to its recent public offer.

According to official notification to the Ghana Stock Exchange the offer was unsuccessful and EGCL was now duty bound to refund all monies paid by subscribers.

The initial offer was of 261.538m shares in an attempt to raise GHs 340m needed for the bank to meet Bank Of Ghana's minimum capital requirements.

The understanding was that a minimum of GHs 68m must be raised through the initial offer before it could be said to be successful. And if it was not successful, the rules and prior undertaking by the bank demands complete refund.

As events will have it, this target was not met and offer was considered a failure hence the need for refund of subscribers money.

The bank says from December 14, the funds will be available with receiving agents and banks through which such subscribers applied and paid for the share allocation they are not now going to get.

They are advised to go to these agents and banks with proof of payment for the application ( receipt) and personal identification to ensure refund is to the rightful owners of the money.

The chances are the bank will now explore other avenues to raise the money in order to be entitled to its operating license issued by the Bank of Ghana.

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