Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year.

The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra on Thursday. Access Bank Ghana Ltd. can sell stock representing as much as 32 percent of the company if demand outstrips supply, he said.

“We have approved everything,” Aidoo said. “The bank wants to boost capital so they can do bigger business.”

The company plans to list the securities on the Ghana Stock Exchange, Aidoo said. Access Bank Ghana Managing Director Dolapo Ogundimu wasn’t immediately available to comment, while African Alliance Securities Ltd., which is advising on the transaction, didn’t immediately respond to an e-mailed request for comment.