Its Official: Fortiz Private Equity Fund now owners of Merchant Bank with 90% shares

• Posted on January 2, 2014
• by Nana Kwesi Coomson
• Comment

It is 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.

– Isaac Essel