{"id":161193,"date":"2015-10-21T07:57:12","date_gmt":"2015-10-21T07:57:12","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=161193"},"modified":"2015-10-21T11:42:47","modified_gmt":"2015-10-21T11:42:47","slug":"abraaj-group-to-acquire-50-percent-of-adb","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/","title":{"rendered":"Abraaj Group to acquire 50 percent of adb"},"content":{"rendered":"<p>Citi Business News has gathered investment firm and owners of Fan Milk International, Abraaj Group, has initiated moves to acquire about 55 percent stake in Agricultural Development Bank (ADB).<\/p>\n<p>[contextly_sidebar id=&#8221;ShipNnf9pm1qSGXFBchBDk4b5wEPoPmG&#8221;]Abraaj Group replaces financial firm Atlas Mara Limited which pulled out of the deal recently.<\/p>\n<p>Atlas Mara had earlier signed a Memorandum of Understanding (MOU) with adb to invest 50 million dollars in exchange for 25 percent stake of the bank.<\/p>\n<p>Documents cited by Citi Business News reveal that Abraaj Group will be acquiring unsubscribed shares during the bank&#8217;s \u00a0Initial Public Offer (IPO).<\/p>\n<p>It will also give the bank an undisclosed amount of capital in the form of redeemable convertible loan notes.<\/p>\n<p>Documents cited by Citi Business News reveal that Abraaj will pay a subscription price per share of 2 cedis 65 pesewas which will equate to post IPO holding, including the planned 5 percent Employee Share Ownership Plan (ESOP), of at least 49%, corresponding to up to 131,642,882 shares.<\/p>\n<p>Abraaj Group per the deal is also demanding consent rights over board and management appointments among others.<\/p>\n<p>Abraaj Group just like Atlas Mara is demanding consent rights over board and management appointments of the bank.<\/p>\n<p>The investment firm is demanding to have four seats on the bank&#8217;s board as well as the right to appoint a Chief Executive Officer, Chief Financial Officer and Chief Operations Officer for the bank when it takes over.<\/p>\n<p>Abraaj is also demanding that the board of ADB Bank has a minimum of 7 members and a maximum of 11 members but any shareholder with 12% shareholding reserves the right to appoint a member to the board.<\/p>\n<p>But unlike Atlas Mara which had the right to appoint 2 members to the board Abraaj is asking for 4 seats and shall have the right to transfer its board seats in connection with transfer securities.<\/p>\n<p>Norfund a Norwegian Development Fund for developing countries is still one of the two investors to participate in the equity investments in ADB.<\/p>\n<p>Abraaj per the contract will also have the power to compensate Executive Committee Members and \u00a0employees\u00a0as well as appoint and or remove any member of the board of directors.<\/p>\n<p>&#8211;<\/p>\n<p>By:\u00a0 citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi Business News has gathered investment firm and owners of Fan Milk International, Abraaj Group, has initiated moves to acquire about 55 percent stake in Agricultural Development Bank (ADB). [contextly_sidebar id=&#8221;ShipNnf9pm1qSGXFBchBDk4b5wEPoPmG&#8221;]Abraaj Group replaces financial firm Atlas Mara Limited which pulled out of the deal recently. Atlas Mara had earlier signed a Memorandum of Understanding (MOU) [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":161195,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always<\/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:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"Citi Business News has gathered investment firm and owners of Fan Milk International, Abraaj Group, has initiated moves to acquire about 55 percent stake in Agricultural Development Bank (ADB). [contextly_sidebar id=&#8221;ShipNnf9pm1qSGXFBchBDk4b5wEPoPmG&#8221;]Abraaj Group replaces financial firm Atlas Mara Limited which pulled out of the deal recently. Atlas Mara had earlier signed a Memorandum of Understanding (MOU) [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-21T07:57:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-10-21T11:42:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/10\/YYp9hhNd_400x400.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/\",\"url\":\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/\",\"name\":\"Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2015-10-21T07:57:12+00:00\",\"dateModified\":\"2015-10-21T11:42:47+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Abraaj Group to acquire 50 percent of adb\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/","og_locale":"en_US","og_type":"article","og_title":"Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always","og_description":"Citi Business News has gathered investment firm and owners of Fan Milk International, Abraaj Group, has initiated moves to acquire about 55 percent stake in Agricultural Development Bank (ADB). [contextly_sidebar id=&#8221;ShipNnf9pm1qSGXFBchBDk4b5wEPoPmG&#8221;]Abraaj Group replaces financial firm Atlas Mara Limited which pulled out of the deal recently. Atlas Mara had earlier signed a Memorandum of Understanding (MOU) [&hellip;]","og_url":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2015-10-21T07:57:12+00:00","article_modified_time":"2015-10-21T11:42:47+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/10\/YYp9hhNd_400x400.jpeg","type":"image\/jpeg"}],"author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/","url":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/","name":"Abraaj Group to acquire 50 percent of adb - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2015-10-21T07:57:12+00:00","dateModified":"2015-10-21T11:42:47+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2015\/10\/abraaj-group-to-acquire-50-percent-of-adb\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"Abraaj Group to acquire 50 percent of adb"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/161193"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=161193"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/161193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media\/161195"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=161193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=161193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=161193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}