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Business News of Tuesday, 17 July 2018

Source: Graphic.com.gh

ADB suspended from trading on Ghana Stock Exchange

The Ghana Stock Exchange has suspended trading in the shares of the ADB Bank Limited, a day after stakes of four of the bank’s institutional shareholders were annulled.

The suspension, which took effect today, Tuesday, means that investors can neither buy nor sell shares of the bank until further notice.

This is the third time the GSE is suspending trading in the shares of the agric-bias lender after it successfully listed on the bourse in December 2016.

The suspension followed stern action from the Bank of Ghana that annulled the stakes of four institutional investors in ADB.

The affected institutions are Belstar Capital, Starmount Development Corporation, SIC Financial Services Limited and EDC Investment Limited.

The central bank explained that its investigations showed that the purchase of shares of ADB by the firms and the relationship of Belstar Capital with uniBank Ghana Limited (currently under administration) contravened aspects of the Banks and Specialised Deposits-Taking Institutions Act.