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AfrAsia shareholder urges Supreme Court to stop bank’s sale to Ghanaians

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AfrAsia shareholder urges Supreme Court to stop bank's sale to Ghanaians

A shareholder of AfrAsia Bank and his wife intend to foil plans of AFG Holding to buy 74.48% of the bank’s shares. The couple has reportedly raised concerns about the transaction before a Supreme Court judge, sitting in summary proceedings, and demanded to stop the sale of the bank’s shares to the group of Ghanaians from AFG Holding. 

After going through the documents filed by the shareholder, the judge on Friday 10 March reportedly issued an injunction against AFG Holding, prohibiting it from going ahead with its proposed purchase of 74.48% of AfrAsia Bank shares.

The case has been adjourned to 27 March.

According to l’Express, the value of the transaction is estimated at around Rs 6-7 billion.

In a statement issued on 29 December 2022, the Board of AfrAsia Bank had informed its shareholders and the general public that AFG Holding (AFG) had signed an agreement with National Bank of Canada and minority shareholders to acquire 74.48% of AfrAsia’s shares

AFG is the financial holding company of Atlantic Group, which has been operating in the banking, insurance, industrial and telecommunications sectors for over 40 years.

According to the statement, the transaction would have no impact on the operations of AfrAsia Bank.

Source: l’Express

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.