Cell Cash FinTech (MMF) Restricted has secured shareholder approval for 2 main resolutions at its 2025 Extraordinary Basic Assembly (EGM), held on Monday, December 1, on the UPSA Auditorium.
The assembly, which introduced collectively shareholders and qualifying beneficiaries, featured an open discussion board the place the administration workforce addressed questions from contributors.
The shareholders later voted to approve each the waiver and Equity Report in addition to the proposed merger outlined within the Merger Settlement. Each resolutions had been unanimously handed.
Talking to the media after the occasion, Director of each MMF and Cell Cash Restricted, Victoria Vivid, defined that the choices mark an important stage within the restructuring of the corporate’s cellular cash operations.
In response to her, the restructuring will switch the cellular cash enterprise into a brand new Ghana-incorporated entity, Cell Cash FinTech Restricted, which can take over operations after the merger.
“What we’re doing now’s a restructuring of our cellular cash enterprise. Primarily, we’re shifting the cellular cash enterprise into a brand new entity, which will probably be referred to as Cell Cash FinTech Restricted,” she mentioned.
She famous that the corporate is positioning itself for future progress, with plans to record Cell Cash FinTech Restricted on the Ghana Inventory Trade throughout the subsequent three to 5 years, topic to inside readiness and market circumstances.
“Three to 5 years from now, we see the enterprise being as strong as attainable. We’re planning on itemizing the shares of Cell Cash FinTech Restricted inside that stipulated interval.”
Ms Vivid highlighted ongoing steps required earlier than itemizing, together with finishing a full digital transformation, reaching operational independence from SCANCOM PLC, and strengthening governance and management buildings.
“We’re presently present process a digital transformation, and we wish to full that train earlier than any itemizing. Operationally, we aren’t but totally unbiased from SCANCOM PLC, and we wish to be unbiased earlier than we transfer forward,” she added.
She additionally clarified the idea of “mirroring” or “stapled shares,” assuring shareholders that their possession in SCANCOM PLC will probably be mirrored precisely within the new MMF entity.
“What we imply is that no matter shares you have got now in SCANCOM Ghana will probably be mirrored within the new MMF entity. If in case you have 10 Ghana shares now, you should have 10 shares within the new entity,” she defined.
“On the time of itemizing, these shares will probably be allotted individually, and every firm will then commerce independently on the Ghana Inventory Trade.”
On his half, the CEO of Cell Cash Restricted, Shaibu Haruna, described the approval as a major milestone in efforts to fulfill regulatory necessities for localisation of the cellular cash enterprise.
“This can be a essential milestone in our journey. What this course of means is that our shareholders have accepted for Cell Cash FinTech Restricted to merge with Cell Cash, making FinTech the surviving entity,” he mentioned.
He careworn that the merger represents a structural adjustment and won’t have an effect on buyer expertise, noting that the MTN MoMo model stays unchanged.
“It’s a mere structural change. The identify MoMo from MTN stays the identical, and our clients will proceed to benefit from the nice providers we offer,” he mentioned.
Mr Haruna added that the restructuring will improve innovation, strengthen governance, and allow the corporate to ship higher providers to clients whereas aligning with regulatory expectations.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
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