Ghana's Agricultural Development Bank Ltd. denied March 7 that UniBank (Ghana) Ltd. is poised to take over the lender.
ADB said it had received letters from some of its shareholders — Belstar Capital Ltd., EDC Ltd. and Starmount Investment Ltd — pledging their shares to UniBank. Collectively, the shareholders own 53% of ADB, Bloomberg News reported.
The potential sale reportedly prompted the Ghana Stock Exchange to suspend trading in ADB's shares to allow clarification on the matter. Bank of Ghana Governor Ernest Addison also said March 7 that the central bank has not approved any takeover or share transfer, the newswire wrote.
ADB said the pledge by shareholders "does not have the effect of the transfer of ownership," and does not make UniBank a shareholder or constitute a takeover. The bank added that it is in talks with the stock exchange to resume trading in its shares.
In December 2017, Belstar was reported to be selling its stake in the bank after the Ghanaian government decided to merge ADB with National Investment Bank Ltd. Belstar owns roughly 24% of ADB, while the state is the largest shareholder with about 32%, according to S&P Global Market Intelligence data.
