Recapitalization: CAL Bank seeks approval to move GHc50m from income surplus

CAL Bank is seeking the approval of its shareholders to transfer GHS 50 million from income surplus to stated capital based on the Bank’s financial statements.

The move according to the Bank is to comply with the minimum capital requirement for banks in Ghana, as mandated by the Bank of Ghana.

CAL Bank in a notice to shareholders for an Extraordinary General Meeting seeks “that authorisation be and is hereby given for an increase in the stated capital of the Bank from GHc350 million to GHc400 million.”

Dividends

Cal Bank did not pay any dividend to shareholders for the financial year 2017 as the bank seeks to meet the Bank of Ghana’s (BoG’s) minimum capital requirement.

According to the Bank, this may have a consequence of reducing the funds available for the bank's recapitalisation before the December deadline.