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25.05.2007 Business & Finance

GCB share offer launched in Takoradi


Mr Anthony Evans Amoah, the Western Regional Minister, on Thursday launched the Ghana Commercial Bank (GCB) share offer at Takoradi.

He said the GCB, through the rights issue, is raising 450 billion cedis by issuing 75 million new ordinary shares at 6,000 cedis per share.

Mr Amoah said although the offer is being made to existing shareholders, any person or institution could apply for GCB shares under this offer.

He urged Ghanaians and investors across the world to participate in this rights offer because while supporting the transformation of GCB into an agile and dynamic bank, it could also enhance its contribution to Ghana's economy.

Mr Amoah said the bank's shareholders, of which the government is the majority shareholder, also deserved commendation for their continued confidence in GCB and their support over the years.

He said government consented to GCB raising additional capital to strengthen the bank's capital base to enable it compete effectively within the banking industry in Ghana and the sub-region and to improve the bank's performance and efficiency.

Mr Amoah said government is passionate about making Ghana the financial centre of West Africa and for this to be possible, certain conditions must be fulfilled

This include improvement of regulations and infrastructure and more importantly, there must be active and dynamic players in the country's financial sector.

Mr Martin Mensah, Deputy Managing Director of GCB in-charge of Finance, said the share offer is the second to be undertaken by the bank, adding that the initial offer was in 1996 when the bank offered shares to the public and got listed on the Ghana Stock Exchange

He said the bank has 133 branches nationwide. Mr Mensah said over the past five years, the bank's total assets have increased by 68 per cent, deposits by 163 per cent and advances and loans by 282 per cent.

He said profit before tax also grew by 30 per cent and shareholders were paid dividends amounting to 313 point 5 billion cedis during the same periodGCB share offer launched in Takoradi