The Agricultural Development Bank is to hold an emergency general meeting on the 20th of this month for shareholders to authorise the bank’s board of directors to raise a minimum of 380 million Ghana Cedis to meet the Central bank’s new minimum capital of 400 million Ghana Cedis by December 31.
The amount is to be raised through a renounceable rights issue. This was contained in a circular issued yesterday and signed by the Company’s Secretary, James Agbedor.
The meeting will also seek shareholders’ approval for the bank to convert a subordinated debt of 150 million Ghana Cedis owed the central bank into equity. The measures are ADB’s last minute and best bet to meeting BoG’s recapitalisation deadline, which elapses in 11 days.
