ABC Banking makes its entry on the stock exchange of Mauritius as from January 2016 Stock Exchange.
ABC Banking Corporation will make it`s entry on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius on Monday, January 18, 2016, making it the second company of the ABC Group to be listed company, after ABC Motors, which is listed on the DEM for several years. The bank received approval from the Stock Exchange of Mauritius for entering the DEM to list 57,203,904 ordinary shares of the Company by way of an introduction and on the first day of trading, the bank has undertaken to make available 100,000 shares for trading at an indicative price of MUR 15.00 per share.
ABC Banking will become the third Island Bank to be listed on the Stock Exchange of Mauritius, this will also be the second company of the ABC Group to be listed company, after ABC Motors, which is listed on the DEM for several years.
The bank says it has embarked on this new adventure to increase its capital and support its growth.
The Listing Executive Committee of the Stock Exchange of Mauritius Ltd has approved the admission to listing of 57,203,904 ordinary shares of the Company on the Development and Enterprise Market (the “DEM”) of the Stock Exchange of Mauritius Ltd (the “SEM”) by way of an introduction.
The first day of listing and trading of the ordinary shares of the Company on the DEM has been scheduled for 18 January 2016. On the first day of trading, ABC Banking Corporation Ltd has undertaken to make available 100,000 shares for trading at an indicative price of MUR 15.00 per share.
The Company has also undertaken to make available a maximum of 1,000,000 ordinary shares for trading for a period of 3 months after the admission to listing of the Company on the DEM, depending on market interest.
“It is in the context of the diversification and development strategy of the bank that the Board of Directors decided to launch the company on the DEM. Our IPO provide us the opportunity for the first time, to open our capital to third parties, Mauritians and foreign “emphasized Brian Ah-Chuen, Strategic Business and Executive Director of ABC Banking Corporation.
ABC Banking Corporation continues its growth and confirms its ability to achieve high results. For the period 1 July 2014 to 30 June 2015, indicators economic of the bank are positive; it increased its savings portfolio from 88% to reach Rs 2.6 billion and thanks to its active efforts, its reputation and its strategy marketing.
Foreign deposits, meanwhile, followed the same upward curve with annual increase of 70%.
The total deposit portfolio has achieved an impressive rate of Rs 11.2 billion for relatively young bank, a significant increase of Rs 8.3 billion compared to 2014. The total assets of ABC Banking increased 37% to Rs 12.3 billion, while the portfolio of loans and credits reached Rs 3.1 billion.
In addition, the bank continues to make every effort to strengthen risk management credit. During the past fiscal year, ABC Banking Corporation has maintained standards in rigorous risk assessment.
For example, the percentage of Non performance Loans (NPL ratio) fell from 11.7% in 2014 to 5.4% at June 30, 2015.
About ABC Banking Corporation
ABC Banking Corporation began operations in December 2010 and its headquarters located at the Place d’Armes, to Port Louis. After constant growth, the bank offers. Today a range of products to individuals and businesses: current accounts, savings accounts, fixed deposits, leasing as well as home loans, personal loans and corporate loans. To date, it employs over 100 people.