CalBank announces discontinuation of legal action against bank’s GH¢600m Rights Issue

CalBank Plc has informed its shareholders that the legal challenge to its GH¢600 million Rights Issue has been discontinued.

This development follows an injunction placed on the bank’s capital-raising efforts by a minority shareholder.

According to the bank, it has received approval from the Securities and Exchange Commission (SEC) to proceed with the allotment of shares and the remaining activities of the Rights Issue.

In a statement addressed to shareholders and the investing public, CalBank detailed that the crediting of shares to successful applicants on the Central Securities Depository (CSD) will occur between June 28 and July 5, 2024.

Additionally, the bank noted that the new shares will be listed for trading on the Ghana Stock Exchange (GSE) on July 8, 2024.

The deadline for processing refunds to unsuccessful applicants of the Rights Issue is also set for July 8, 2024.

CalBank also expressed gratitude to all shareholders and regulators for their continued support.

Below is the full statement

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