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Report: Belstar Capital to sell stake in Ghana's Agricultural Development Bank

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Report: Belstar Capital to sell stake in Ghana's Agricultural Development Bank

Belstar Capital Ltd. is planning to sell its stake in Ghana's Agricultural Development Bank Ltd., due to the Ghanaian government's decision to merge the lender with National Investment Bank Ltd., Joy Business reported, citing "people familiar with the transaction."

The U.S.-based firm is planning to invest the capital raised from the Agricultural Development Bank stake sale into uniBank (Ghana) Ltd., the sources added. The investment could amount to 600 million Ghanaian cedis, which would help uniBank meet new Bank of Ghana capital requirements ahead of the December 2018 deadline, Joy Business reported.

The stake sale is subject to regulatory approval. Belstar owned 34.3% of the bank as of its June annual general meeting, making it the largest shareholder, according to the report, which added that the company may have increased its stake since the bank's listing on the Ghana Stock Exchange.

As of Dec. 18, US$1 was equivalent to 4.48 Ghanaian cedis.