Mumuadu Rural Bank offers more shares
Mumuadu Rural Bank offers more shares
Osino (Eastern Region) 09 April 2001
The Mumuadu Rural Bank at Osino in the Fanteakwa District on Saturday floated additional two million shares at 200 cedis each.
It is to enable the bank to raise its equity capital base to 500 million cedis in two months. It is also to afford the existing shareholders the opportunity to increase their share holdings.
Launching it, the Executive Chairman of Databank Financial Services, Mr Ken Ofori-Atta said the bank requires the necessary financial resources to enable it to attract the donor communities to help it modernise and expand its operations.
Mr Ofori-Atta, who is also the financial adviser to the Board of Directors of the Bank, said the successful operation of the bank over the years was clearly manifested in its consistent increase in profitability and shareholder value.
The bank profit increased more than twelve times from 24 million cedis in 1996 to 290 million cedis in 2000. Shareholder equity also increased more than six times from 75 million cedis in 1996 to the current level of 460 million cedis.
Mr Ofori-Atta said the bank's advances and credit facilities to its customers increased from 200 million in 1996 to 1.7 billion cedis in the year 2000, and also supported a number of schools and communities in its catchment areas to undertake infrastructure and development projects.
A Former Manager of the Merchant Bank, Mr Obeng Antwi urged the people in the area to take advantage of the offer to increase their shareholdings to enable the bank to mobilise enough money for the development of the area.
He advised rural dwellers to develop the habit of savings to enable them to sustain their lives in times of difficulties.
GRi…/
Send your comments to news@ghanareview.com