We are not taking over ADB – uniBank
uniBank has said it is not taking over the Agricultural Development Bank (ADB) as has been suggested by media reports.
The bank in a statement Wednesday evening noted: ” In November 2017,
we reached an agreement with the Belstar led consortium to sell their
entire holding in ADB and, to subsequently invest the proceeds into
uniBank. This led to an agreement between both parties with a set
timeline for closure of the transaction which would culminate in uniBank
raising a minimum of GHS 600 million in capital and with Belstar
acquiring a stake in uniBank”.
The statement signed by the bank’s Chief Executive Officer Dr. Kwabena Duffuor II.
further explained: “Due to the delayed timeline of the equity
investment, uniBank has taken the additional precaution of committing
Belstar Capital to their obligation under the share subscription
agreement by pledging all shares held by the Belstar led consortium in
ADB to ensure that the transaction will be consummated and the proceeds
for the sale of shares paid directly to uniBank.
“It is against this background that Belstar Capital Ltd and other
members of the consortium of shareholders have pledged their shares in
ADB to uniBank to demonstrate their commitment to the agreement and the
strategic direction of uniBank.
“We wish to put on record that the pledge by members of the Belstar
led consortium does not constitute a sale of shares to uniBank. It is
only a demonstration of commitment by our capital raising partners and
must be considered as such”.
uniBank which is wholly Ghanaian owned also noted it is “committed
to the stability and development of our banking industry and will
continue to play its part in propagating the necessary growth of the
industry for the benefit of the good people of Ghana”
Below are details of the statement by uniBank
On the back of the newspaper publication this morning concerning the
purported takeover of ADB by uniBank, we wish to state emphatically that
we are NOT taking over ADB. We wish to provide
clarification for the benefit of the investing public and our esteemed
clients as follows:
In November 2017, we reached an agreement with the Belstar led
consortium to sell their entire holding in ADB and, to subsequently
invest the proceeds into uniBank.
This led to an agreement between both parties with a set timeline
for closure of the transaction which would culminate in uniBank raising a
minimum of GHS 600 million in capital and with Belstar acquiring a
stake in uniBank.
Due to the delayed timeline of the equity investment, uniBank has
taken the additional precaution of committing Belstar Capital to their
obligation under the share subscription agreement by pledging all shares
held by the Belstar led consortium in ADB to ensure that the
transaction will be consummated and the proceeds for the sale of shares
paid directly to uniBank.
It is against this background that Belstar Capital Ltd and other
members of the consortium of shareholders have pledged their shares in
ADB to uniBank to demonstrate their commitment to the agreement and the
strategic direction of uniBank.
We wish to put on record that the pledge by members of the Belstar
led consortium does not constitute a sale of shares to uniBank. It is
only a demonstration of commitment by our capital raising partners and
must be considered as such.
uniBank Ghana Ltd, as a leading indigenous bank, is still committed
to the stability and development of our banking industry and will
continue to play its part in propagating the necessary growth of the
industry for the benefit of the good people of Ghana.
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