Business News of 2014-01-02

Official! Merbank deal sealed

Official: Fortiz Private Equity Fund is now the legal and registered owner of 90 per cent shares of Merchant Bank, the bank has announced.

A statement signed by Clementia Djameh, Head of Corporate Affairs, Merchant Bank Ghana Ltd, said this follows the full payment for shares of Merchant Bank (Ghana) Limited by the transfer of funds held at the Bank of Ghana into the operating account of Merchant Bank (Ghana) Limited.

“We confirm and inform the general public that FORTIZ Private Equity Fund has now received the corresponding share certificates for its share subscription,” the statement disclosed.

It continued, “Officially thus, as at today 2/01/2014, FORTIZ Private Equity Fund is now the legal and registered owner of 90 per cent of Merchant Bank (Ghana) Limited.”

Henceforth, the statement noted, the shareholding structure of Merchant Bank would be as follows:

FORTIZ Private Equity Fund. 90 percent

SSNIT. 8.96percent

SIC Life. 1.04Percent

In delivering on the objective of providing the appropriate resources to ensure a full turnaround of the Bank, the statement said a new board has been constituted and officially approved by the Bank of Ghana as follows:

Mr. Noel Addo. Chairman

Madam Kay Simmons Non Executive Director

Mr. Ernest Asare. Non Executive Director

Mr Afotey Odarteifio Non Executive Director

Dr. Alhassan Iddrisu Non Executive Director

Mr. Issa Anafure Non Executive Director

Ms. Nilla Selormey. Managing Director and Chief Executive Officer.