{"id":694715,"date":"2019-08-29T11:25:24","date_gmt":"2019-08-29T11:25:24","guid":{"rendered":"
\n\t\t\n

Dr. John Kofi Mensah, ADB MD<\/strong><\/p>\n\n\n\n

SHAREHOLDERS OF Agriculture\nDevelopment Bank (ADB) have given their approval for the directors of the bank\nto undertake a private placement of ordinary shares of the company with Gha"},"modified":"2019-08-29T11:25:24","modified_gmt":"2019-08-29T11:25:24","slug":"shareholders-approve-adbs-gh%c2%a2127m-gat-fund","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/29\/shareholders-approve-adbs-gh%c2%a2127m-gat-fund\/","title":{"rendered":"Shareholders Approve ADB\u2019s GH\u00a2127m GAT Fund"},"content":{"rendered":"

<\/p>\n

\n

Dr. John Kofi Mensah, ADB MD<\/strong><\/p>\n

SHAREHOLDERS OF Agriculture
\nDevelopment Bank (ADB) have given their approval for the directors of the bank
\nto undertake a private placement of ordinary shares of the company with Ghana
\nAmalgamated Trust (GAT) Plc for the consideration of GH\u00a2127 million.<\/p>\n

The move is to
\nenable ADB increase its stated capital in order to meet the Bank of Ghana\u2019s new
\nminimum capital requirement of GH\u00a24000,000,000, subject to the applicable
\nregulatory approvals.<\/p>\n

The shareholders
\nalso authorized the directors of the bank, subject to applicable rules, to
\ndetermine the terms, timing and pricing of the private placement.<\/p>\n

Speaking at the Bank\u2019s
\nAnnual General Meeting (AGM) in Accra, Alex Bernasko, Chairman of ADB Board,
\nsaid the bank recorded a profit-before-tax of GH\u00a234.0 million in 2018,
\nregistering a dip from GH\u00a247.0 million achieved in 2017. <\/p>\n

Currently, the
\nbank\u2019s paid-up capital stands at GH\u00a2258 million.<\/p>\n

This was after it
\napplied its negative income surplus of GH\u00a2294.1 million losses to its initial
\namount of GH\u00a2552.1 million, hence the private placement.<\/p>\n

\u201cNow that the
\nshareholders have given the go-ahead for the authorization of GH\u00a2127 million
\nfrom GAT, we have appointed transaction advisors and we are liaising with them
\nso that we can carve out the best terms and conditions for ADB,\u201d he told
\njournalists.<\/p>\n

Mr. Bernasko was
\noptimistic that their advisors would get them a good agreement with GAT. He
\nlamented the huge non-performing loans (NPLs) of the bank some of which he said
\nwere in court for recovery. <\/p>\n

\u201cIf we get at
\nleast 50 per cent recovery, we will be able to capitalize without hanging on
\nGAT for so long,\u201d he said.<\/p>\n

He expressed the hope
\nthat the strategies put in place had set the foundations for better performance,
\ngoing forward. <\/p>\n

\u201cApart from the growth in our shareholders\u2019 funds from GH\u00a2479 million in 2017 to GH\u00a2639.7 million in 2018 due mainly to injection of new funding all the major indices remained flat. All other indices did not change significantly because of a deliberate policy to go slow and clean the bank\u2019s balance sheet of historical toxic assets,\u201d he added.<\/p>\n

By Jamila Akweley Okertchiri <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr. John Kofi Mensah, ADB MD SHAREHOLDERS OF Agriculture Development Bank (ADB) have given their approval for the directors of the bank to undertake a private placement of ordinary shares of the company with Ghana Amalgamated Trust (GAT) Plc for the consideration of GH\u00a2127 million. The move is to enable ADB increase its stated capital […]<\/p>\n","protected":false},"author":1,"featured_media":694716,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-694715","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nShareholders Approve ADB\u2019s GH\u00a2127m GAT Fund - 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\/2019\/08\/29\/shareholders-approve-adbs-gh\u00a2127m-gat-fund\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Shareholders Approve ADB\u2019s GH\u00a2127m GAT Fund - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. John Kofi Mensah, ADB MD SHAREHOLDERS OF Agriculture Development Bank (ADB) have given their approval for the directors of the bank to undertake a private placement of ordinary shares of the company with Ghana Amalgamated Trust (GAT) Plc for the consideration of GH\u00a2127 million. 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