{"id":447535,"date":"2017-12-15T21:41:08","date_gmt":"2017-12-15T21:41:08","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/15\/belstar-capital-to-get-out-of-adb\/"},"modified":"2017-12-15T21:41:08","modified_gmt":"2017-12-15T21:41:08","slug":"belstar-capital-to-get-out-of-adb","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/15\/belstar-capital-to-get-out-of-adb\/","title":{"rendered":"Belstar Capital to get out of adb"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Friday, 15 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Myjoyonline.com <\/p>\n<p>2017-12-15<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/07\/83641677.295.jpg\" alt=\"Adb Bank\" title=\"Adb Bank\" width=\"295\" height=\"198\" \/><span class=\"image_caption\"><span>Belstar Capital is the largest shareholder of the Agricultural Development Bank<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513374068_578_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">The largest shareholder of the Agricultural Development Bank (adb), Belstar Capital is working to sell its shares in the bank.<\/p>\n<p>This is subject to securing regulatory approval from the Central Bank and Securities and Exchange Commission (SEC).<\/p>\n<p>JoyBusiness understands an agreement between Belstar and Unibank in principle has been reached to carry out the transaction; that is pulling out its investments in ADB.<\/p>\n<p><b>Reasons<\/b><\/p>\n<p>Although there is no official reason yet, persons with information about the transaction say the move has been influenced by government\u2019s decision to merge adb and the National Investment Bank (NIB).<\/p>\n<p>It is also being rumoured that Belstar Capital is rather being forced out, because of questions surrounding its takeover of adb.<\/p>\n<p><b>Proposed share sale<\/b><\/p>\n<p>Information available to JoyBusiness indicates that Belstar has given existing shareholders, especially government the \u201cfirst right of refusal,\u201d before it considers other investors in selling its shares in adb.<\/p>\n<p>Sources say other banks are also racing to take up Belstar\u2019s stake if government does not take up that \u201cright\u201d.<\/p>\n<p><b>Where is Belstar Capital going?<\/b><\/p>\n<p>JoyBusiness is reliably informed that Belstar is planning to take the money realised from the share sale and invest it into Unibank.<\/p>\n<p>According to a source, Belstar Capital could invest at least \u00a2600 million into Unibank, but this would not make Belstar the new owner of Unibank, but the owner of a significant stake in the bank.<\/p>\n<p>The capital injection would help increase its minimum capital requirement to at least \u00a2500 million.<\/p>\n<p>This would help Unibank join the league of banks that have already met the new Bank of Ghana (BoG) capital levels of \u00a2400 million, even before the December 2018 deadline.<\/p>\n<p><b>Could this transaction face any challenge?<\/b><\/p>\n<p>The fear of some industry watchers, especially strategic investors, is that Belstar Capital can sell its shares to and whether the approval would come on time to aid the movement of this capital into Unibank. <\/p>\n<p><b>Would Belstar movement pave way for merging of adb and NIB?<\/b><\/p>\n<p>It appears one of the major stumbling blocks in putting these two banks together is getting Belstar\u2019s blessing to merge adb with NIB. If Belstar finally moves out, then government may be able to go ahead with this plan.<\/p>\n<p>Finance Minister, Ken Ofori-Atta, recently confirmed to JoyBusiness that government is working to merge with the two banks to create National Development Bank.<\/p>\n<p><b>Shareholding structure of ADB<\/b><\/p>\n<p>At the time that adb held its first Extraordinary General Meeting in June this year, this was the shareholding structure of the bank. <\/p>\n<p>Belstar Capital &#8211; 34.3 percent<\/p>\n<p>Government \u2013 32.3 percent<\/p>\n<p>Starmount Development Company &#8211; 11 percent<\/p>\n<p>Bank of Ghana \u2013 9.5 percent<\/p>\n<p>EDC now (Ecobank Capital) -6 percent<\/p>\n<p>However, JoyBusiness has learned that Belstar\u2019s stake may have gone up further after listing adb shares on the Ghana Stock Exchange.<\/p>\n<div class=\"related_articles\" style=\"width: 100%;\">\n<div style=\"clear: both; font-size: 90%; background-color: #eeeaea; padding: 5px; width: 60%; margin-top: 10px;\">\n<table width=\"100%\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\">\n<tr>\n<td style=\"border:0; padding:0\"><img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/07\/96566925.jpg\" style=\"padding-right:2px;\" \/><\/td>\n<td style=\"border:0; padding:0;width:100%; vertical-align:middle; font-size:11px;\">For more news, go to <b>myjoyonline.com<\/b><\/td>\n<\/tr>\n<\/table>\n<p><strong>Related Articles:<\/strong><\/p>\n<p><strong>Comments:<\/strong><br \/>This article has no comments yet, be the first to comment\n<\/p>\n<\/div>\n<\/div>\n<p><!-- uploaded by: 3 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Friday, 15 December 2017 Source: Myjoyonline.com 2017-12-15 Belstar Capital is the largest shareholder of the Agricultural Development Bank The largest shareholder of the Agricultural Development Bank (adb), Belstar Capital is working to sell its shares in the bank. This is subject to securing regulatory approval from the Central Bank and Securities and [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":405085,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-447535","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Belstar Capital to get out of adb - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/15\/belstar-capital-to-get-out-of-adb\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Belstar Capital to get out of adb - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Friday, 15 December 2017 Source: Myjoyonline.com 2017-12-15 Belstar Capital is the largest shareholder of the Agricultural Development Bank The largest shareholder of the Agricultural Development Bank (adb), Belstar Capital is working to sell its shares in the bank. 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