CalBank Plc has announced a Renounceable Rights Issue. The Bank seeks to raise GHS 600,000,000 through the issuance of 2,068,965,517 shares (“Offer Shares”) of no par value at GHS 0.29 per share in a ratio of 1 Offer Share for every 0.3033 existing share held by a qualifying shareholder. The Offer Shares comprise 1,872,461,736 Ordinary Shares in a ratio of 1 new ordinary share for every 0.3351 existing ordinary...
The GSE Composite Index advanced by 11.14 points (+0.51%) on the back of MTN Ghana (+1.27%) to close the week at 2,177.43 with a year-to-date return of 12.15%. The market capitalization increased by +0.2% to settle at GH¢56.91 billion. However, Cal Bank (-1.23%) moderated the GSE Financial Index by -3.72 points (-0.06%) to close at 1,873.31 with a year-to-date return of 5.08%. The SAS Manufacturing Index remained unchanged at 1,619.23...
DIGICUT has taken a number of positive steps to turnaround its operations including the appointment of new team leader, take steps to access locked up IPO proceeds by end of Q1-2021 and reorganisation of its Board of Directors. Leadership A new management team, led by Manish Padhiar (profile below), was brought in January 2021 to replace William Kofi Iden. The team is working on a plan to revamp and restart...
DIGICUT has announced that the collapse of GN Savings and Loans has locked up nearly 50% of the proceeds from its IPO. The funds were placed with the GN Savings and Loans, which faced challenges that resulted in the revocation of its licence by the central bank. Please the narration by the company below. Digicut Production and Advertising PLC (Digicut) is a full-service advertising agency and public relations consultancy. It...
Ecobank Nigeria, a wholly owned subsidiary of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, announced that it has successfully priced its USD 300 million bond issuance maturing in February 2026, with settlement of the bond to take place on 16 February 2021. The fixed-rate, US dollar-denominated bond, with a tenor of 5 years, carries a coupon rate of 7.125% and will be listed on the London...
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, announces the co-option to its Board of Directors of Hervé S. Assah, as Independent Non-Executive Director from the CEMAC Region. Hervé S. Assah is a national of Congo Brazzaville with almost four decades’ experience as a senior executive in various fields, including investment and financial advisory, global trade development, public private partnerships in emerging markets, regional development and business strategy...
Last week’s bullish performance continued as the benchmark index advanced by 27.89 points (+1.38%) on the back of four counters to close this week at 2,055.02 with a 5.84% year-to-date return while the market capitalization increased by +0.52% to settle at GH¢55.62 billion. Cal Bank (+2.67%) and Enterprise Group (+1.43%) pushed the GSE Financial Index upward by 2.77 points (+0.15%) to close at 1,864.22 with a 4.57% year-to-date return. The...
The Economic and Organised Crime Office (EOCO) has described the activities of Chy Mall as a ponzi and pyramid scheme following investigations, and has warned the public to desist from dealing with the company. The company is also operating illegally given that it neither has a license from the Bank of Ghana nor the Securities and Exchange Commission of Ghana. Please see the release below. The Economic and Organised Crime...
The central bank has maintained its benchmark monetary policy rate at 14.5% in the first Monetary Policy Committee meeting in 2021 as the authorities remain wary of short to medium term inflationary threats from fiscal expansion and higher crude oil prices, which is likely to translate into higher pump fuel prices in Ghana. However, the authorities are hopeful that inflation would trend towards its target range of 6-10% in Q2-2020,...