• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

ADB Bank Initial Public Offer commence

04/07/2015
Reading Time: 3 mins read
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The Agricultural Development Bank’s Initial Public Offer (IPO) has commenced. The bank announced on Friday July 3, 2015 that the offer of more than 80 million shares on the Ghana Stock Exchange had commenced.

Early this year, the bank was forced to put its plan of the launch of the IPO on hold after the government who is a majority shareholder called for a temporary suspension following agitations from workers of the bank.

Again the bank was forced to put the IPO on hold on a number of occasions due to a number of legal and political challenges amidst agitations from some of its workers.

With regards to the legal challenge, the Member of Parliament for New Juaben South, Dr Mark Assibey Yeboah has filed a suit at the Supreme Court insisting the IPO should first be approved by Parliament.

It is unclear whether the matter has been resolved but the Director General of the Securities and Exchange Commission (SEC), Mr Adu Anane Antwi told Accra based radio, Citi FM that the offer has indeed commenced.

“I can confirm that we’ve received the public notice which has been issued that the offer is commencing today as per the offer document that has gotten SEC’s approval,” Mr Antwi said.

Per the IPO prospectus, the offer will end on August 21, 2015. The IPO launch if successful will see the ADB stock likely to start trading in September on the Ghana Stock Exchange. The bank is hoping to raise over GHȻ398million through the IPO.

A total of 74,888,369 shares belonging to the Bank of Ghana are to be sold while another 75,471,698 new shares from the bank are also to be sold at a new share price of GHȻ2.65p.

Below is the full release from ADB on the share offer.

The Agricultural Development Bank Limited (“ADB”) today announces the commencement of its Initial Public Offer (“IPO”) to enable ADB list on the Ghana Stock Exchange.

The public share offer of ADB consists of:

1. A sale of 74,888,369 existing ordinary shares of no par value at GHȻ 2.65 per share;

2. An offer for subscription of 75,471,698 new ordinary shares of no par value at GHȻ 2.65 per share issued and fully paid; and

3. A listing by introduction of 80,563,155 existing ordinary shares (collectively “the ADB Shares”) on the Ghana Stock Exchange.

Shares can be bought at any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited or any Licensed Dealing Member of the Ghana Stock Exchange. Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHȻ 265.00 and in multiples of 10 ADB Shares thereafter.

The timetable for the IPO is as follows:

Offer Open: 3rd July 2015 9:00am • Offer Close: 21st August 2015 5:00pm

Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited, any Licensed Dealing Member of the Ghana Stock Exchange or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go down as well as up.

Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.

 
 
 
 

Previous Post

13 ways successful women make the most of their time

Next Post

The leader as a shepherd

Related Posts

Annuity, ghanatalksbusiness.com, yaw korankye antwi

How to secure your future with an Annuity in Ghana

08/08/2022
IMF Bailout, ghanatalksbusiness.com

Any alternatives to the International Monetary Fund (IMF) Africa should be looking at?

08/08/2022
Hiring mistakes to avoid

3 Common Hiring Mistakes New Managers Should Avoid

01/08/2022
United States-Africa leaders summit

United States – Africa Leaders Summit scheduled for December 2022 in Washington, DC

25/07/2022
Potential of AfCFTA,,ghanatalksbusiness.com

AfDB approves $11m grant to the African Continental Free Trade Area secretariat

25/07/2022
Open doors app, ghanatalksbusiness.com

A World made smaller with new connections

23/07/2022
Next Post

The leader as a shepherd

Falling Cedi: Terkper assures of stable currency soon

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In