Liberty Holdings Ltd. agreed to sell all of its shares in asset manager Stanlib Ghana Ltd. to Stanbic Africa Holdings Ltd., a subsidiary of Standard Bank Group Ltd., for 70 million Ghanaian cedis in cash.
Liberty Holdings decided to off-load the asset manager because it no longer prioritizes the West Africa region, where Stanlib Ghana is located, as a strategic area.
The transaction is expected to close before November. Once the needed conditions are fulfilled, the transaction will take effect Sept. 1.
As of July 31, US$1 was equivalent to 5.39 Ghanaian cedis.