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Business News of Thursday, 15 October 2015

Source: The Finder

ADB IPO to recommence soon

Stephen Kpodzih, Managing Director of ADB Stephen Kpodzih, Managing Director of ADB

The Initial Public Offer of Agriculture Development Bank (ADB) could resume by next week, the Director-General of the Securities and Exchange Commission (SEC), Dr Adu Anane Antwi, has hinted.

Dr Antwi told the media his outfit had received a message from the management of ADB that it would soon reopen the offer to the public.

ADB’s share offer was hit by legal tussle from the Union of Industry and Finance Workers Union (UNICOF) and MP for Efutu, Alex Afenyo Markin, leading to its suspension twice.

The bank is hoping to raise a total of GH¢398,454,178 through the public offer.

Part of the proceeds will be used to pay off Bank of Ghana for its 48 percent shares in the bank.

Some will also be used to recapitalize the Bank and also carry out expansion workers.

Finance house, IC Securities is the transaction advisor for the offer, while NTHC is acting as the sponsoring broker.

According to the bank, it wants 60 percent of the offer to be taken by Ghanaians with the remaining 40 percent spread among some institutional investors.

A share is going for GH¢2. 65. ADB’s IPO first commenced on July 3, 2015.