You are here: HomeNews2015 08 21Article 376818

Business News of Friday, 21 August 2015

Source: citifmonline

SEC awaits communication from ADB on way forward for IPO

The Securities and Exchange Commission (SEC) has told Citi Business News it is awaiting official communication from Agricultural Development Bank (ADB) over moves to resume their Initial Public Offering (IPO).

According to SEC, the offer documents by ADB are still valid unless the bank makes additional changes to allow for the resumption of the IPO.

Director-General of the Securities and Exchange Commission, Dr Adu Anane Antwi told Citi Business News, an official communication will pave the way for a new date to be set for the IPO.

‘’The offer has been launched already except that now that they have gotten back, management should be approaching us to reach a new date on which the offer will end; since there has been no information to the public, it means the old document is valid.’’

ADB’s plan to resume its IPO follows UNICOF’s decision to withdraw its suit at the Supreme Court seeking to place an injunction on the bank’s IPO.

The union had claimed that ADB failed to follow due process in preparing a prospectus to list on the Ghana Stock Exchange to sell more than 74 million existing shares and 75 million new shares.

‘’If there is any information that has come and is not in the prospectus, we still have a way of informing the public about it,’’ Dr Anane Antwi stated.