Citi Business News is learning that SIC Financial Services Limited (SIC-FSL) has not pledged its shares in adb to uniBank in fulfilment of an earlier financial commitment.
This is contrary to earlier reports suggesting that the company, SIC FSL is part of a consortium of shareholders of adb who have pledged their shares to indigenous bank, uniBank.
Per the move, uniBank will therefore assume a controlling interest in adb as the total shares of the consortium would have amounted to some 51%.
However information available to Citi Business News indicate that the financial services company could not have been part of the deal after all.
For instance, while adb in a statement admitted to receiving letters from Belstar Capital Limited, Starmount Investment Limited and EDC Limited for pledging their various shares in the bank to uniBank, it did not mention of receiving same from SIC-FSL.
Also, Citi Business News’ sources close to the financial company indicate that the company which in charge of investment management services such as stock brokerage, portfolio management as well as corporate financial services management, has not pledged its shares.
Purported adb takeover by uniBank not approved – BoG
The Bank of Ghana has stated that it has not approved a purported takeover of adb by uniBank.
Speaking at the commissioning of the new Ecobank Head office in Accra on Wednesday, March 7, 2018, Governor of the Bank of Ghana, Dr. Ernest Addison, said the central bank has not given any consent as reported.
“So let me respond to some developing story this morning, the Bank of Ghana has not given approval to the purported takeover or through the pledging of shares to uniBank,” the Governor stated.
GH¢400m capital, others triggered uniBank’s interest in adb
Investment Banker, Mahama Iddrisu has cited adb’s quest to meet the new minimum capital requirement of 400 million cedis as a possible reason for the pledge by some shareholders of adb to uniBank.
“…Having done that, that means that the pledgee will not have certain rights to those shares because those have been pledged with the provider of a debt. If it is not a debt, it means that there is a general agreement between the pledgee and the pledgor to make sure that they have the needed consideration which in this case may not be money to be able to run the other institution,” he explained.
Mr. Iddrisu further clarified that the action taken by the shareholders and uniBank subsequently, does not constitute a takeover.
Source: Citi Business News