Cal Bank Plc has temporarily suspended the remaining processes for completion of the Capital Raise, notably the allotment of shares.

This follows a court injunction by a minority shareholder.

In a statement to the Ghana Stock Exchange (GSE,) the bank said it has reminded its shareholders of the notice of an order of injunction filed by a minority shareholder (“Injunction Application”) regarding CalBank’s GH¢600 million rights issue (“Capital Raise”).

“Considering the above, CalBank has temporarily suspended the remaining processes for completion of the Capital Raise, notably the allotment of shares”, it said.

“There will be court hearings and filings regarding the Injunction Application, commencing middle of May 2024 after which the court will decide to grant or deny the application”, it stressed.

The bank furthered that it will provide an update following the decision of the court.

“CalBank understands the constraint to shareholders brought on by this Injunction Application and continues to actively engage the Securities and Exchange Commission and all its other regulators to resolve the matter as soon as practicable”, it concluded.