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CAL Bank calls extraordinary meeting to plug GH¢50m capital deficit

BY: Maxwell Adombila Akalaare
Managing Director of Cal Bank, Frank Adu Jnr
Managing Director of Cal Bank, Frank Adu Jnr

CAL Bank’s board of directors will meet shareholders on December 17 at an extraordinary general meeting (EMG) in Accra to obtain an approval to transfer GH¢50 million from its income surplus account to stated capital.

The transfer is to help shore-up CAL Bank’s stated capital to GH¢400 million to enable the bank to meet the Bank of Ghana’s new minimum capital requirement before the December 31 deadline.

The bank currently has GH¢350 million in stated capital.

In a notice published on Thursday, December 13, the bank said the EGM was requested by a member of the bank and a court order obtained in pursuant of Section 162 of the Companies Act, 1963 (Act 179).

The section empowers members to seek court orders to call meetings for companies under circumstances that are inconsistent with the Regulations of the Companies Code.

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Under the code, CAL Bank would have required a 21-day notice to call an EGM.