SSNIT says South Africa’s FirstRand fails to acquire Merchant Bank Ghana
The Social Security and National Insurance Trust (SSNIT) announced on Friday that South African firm, FirstRand Limited’s offer to acquire Merchant Bank Ghana (MBG) could not be completed as announced in August 2012.
A statement issued by the Corporate Affairs Manager, Miss Evangeline Amegashie in Accra said the parties were unable to reach agreement on the commercial principles underlying the transaction and could not procure the fulfilment of all the precedent conditions.
It announced that SSNIT would start a new process to invite proposals from interested parties for the acquisition of the Merchant Bank Ghana.
The statement said “FirstRand Limited said it was disappointed not to have concluded the transaction,” adding however that, Ghana remained a priority country for expansion and the Group would continue to engage SSNIT on its new process.
Though FirstRand Limited in 2012 disclosed its intention to acquire Merchant Bank Ghana, it could not succeed because the original legal and regulatory time frame agreed had officially elapsed, it added.
Source: GNA
The question is, Is merchant bank bankrupt? or during sale First Rand have to pay a lot of debts, shared a lot of jobs or what are the main reasons. First Rand have great track record and it a shame such a deal went down without result even look at their shares on the Market. Ghana should stop trading COCOA IN LONDON MARKET, COCOA COMES FROM GHANA, IVORY COAST WHY IS IT BEING TRADED IN ENGLAND? DIAMOND NOW BEING TRADED IN BOTSWANA NOLONGER IN ENGLAND WHICH IT SHOULD HAVE BEEN DONE IN THE FIRST PLACE. SOONER GHANA AND IVORY COAST, NIGERIA, CAMEROON AND THE SMALLER PRODUCERS TRADE COCOA IN THEIR VARIOUS COUNTRIES THE BETTER THEIR LOCAL CURRENCY, EMPLOYMENT THIS WILL GENERATE. ENGLAND DOESN’T PLANT COCOA WHY WILL THEY TRADE IN THE COMMODITY?