BRIEF-Wanda Hotel Development updates on disposal of property in Spain
* Possible disposal is still under discussion and negotiation by parties with intention to agree on terms of formal agreement Source text for Eikon: Further company coverage:
LAGOS Oct 18 Access Bank Ghana plans to raise $26 million through an initial public offering (IPO) of shares and another $32 million via a convertible loan to boost its capital, according to IPO documents seen by Reuters on Tuesday.
The local unit of Access Bank of Nigeria plans to list 136.6 million shares on Ghana's stock exchange on Nov. 30, giving it a market capitalisation of 546.75 million cedi. It sell 26 million shares at 4 cedis each.
The bank expects to make a 2016 pretax profit of 136 million cedis compared with 122.8 million cedis in 2015, the documents showed.
The IPO follows approval from Ghana's Security and Exchange Commission and the Ghana Stock Exchange, with the offer set to open from Wednesday until Nov. 11. It did not provide a timeframe for the debt issuance.
The document said a weak cedi had shrunk the capital base of most Ghanaian banks and restricted their ability to expand and to fund large deals in the oil sector. It expected other lenders to follow Access Ghana as they seek to grow.
Access Bank Ghana expects to spend most of the funds to grow its branch network and finance working capital, it said in the prospectus.
The parent Nigerian bank told Reuters on Monday that it intends to cut its stake in Access Bank Ghana to 78 percent from 100 percent in the flotation.
The capital raising is in line with a broader drive by subsidiaries of Nigerian banks to seek fresh sources of funding, given the weakness of its own economy due to low oil prices. (Reporting by Chijioke Ohuocha; Editing by Mark Potter and Louise Heavens)
* Dexus property - reiterates its market guidance for 12 months ending 30 june 2017 of underlying ffo per security growth of 3.0-3.5%
* Refers to announcement of ck hutchison holdings limited in relation to formation of a 50/50 joint venture