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News details

News details

21/06/2018

Minimum Capital Reached

Societe Generale Ghana has increased its stated capital to GHS 404,245,426.72 via a Bonus Issue of GHS 97,000,000.00 and a Rights Issue of GHS 168,942,501.90, thus meeting the Bank of Ghana’s directive issued in September 2017.

Societe Generale Ghana has increased its stated capital to GHS 404,245,426.72 via a Bonus Issue of GHS 97,000,000.00 and a Rights Issue of GHS 168,942,501.90, thus meeting the Bank of Ghana’s directive issued in September 2017.

Bank of Ghana in accordance with Section 28 (1) of the Banks & Specialised Deposit Taking Institutions Act 2016 Act 930 announced for the information of Banks and the general public that it had revised upward the minimum paid up capital for existing banks and new entrants from GHS 120 million to a new level of GHS 400 million under several conditions to be met by December 2018.
Work on recapitalisation commenced in 2017 when our Board of Directors, Management and Shareholders together with the Sponsoring Broker, Financial and Legal Experts worked assiduously to comply with the Bank of Ghana directive in record time.
We obtained Shareholders’ authorisation at our 38th Annual General Meeting on 28th March 2018. The increase in stated capital was through a Bonus Issue by the transfer from Income Surplus to Stated Capital of GHS 97 million backed by a bonus share of 6 to 1, and a renounceable Rights Issue to raise up to GHS 170 million.

The Bank of Ghana, the Securities and Exchange Commission and the Ghana Stock Exchange rightfully approved the Bonus Issue and the Rights Issue.

This effort has strengthened our capital base to enable us engage in higher volumes of financial transactions. Further, the new capitalisation will make it possible for us to position the Bank to take advantage of the huge opportunities in the Ghanaian industry. It will also enhance our competitive edge and enable us deal with new challenges.

All 2019 2018 2017
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