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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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ADB to lose potential shareholders over IPO suspension

bycitibusinessnews
June 29, 2015
in Banking And Finance, Business, Top Stories
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ADB bank risk losing prospective shareholders and investors to other institutions offering profitable investment avenues following the suspension of the bank’s Initial Public Offering (IPO).

[contextly_sidebar id=”5F9Z9Lcz8Mkheai1KNWn5N5hIsjJOGCB”]This is according to Investment Banker, Mahama Iddrisu.

‘’The general economic conditions are very tough for the ordinary Ghanaian so if the offer is delayed, it means that there are so many investment avenues for now so for the many who cannot wait, they will invest their funds elsewhere.’’

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ADB was hoping to raise a total of 398,454,178 cedis through its IPO to enhance the operations of the bank but had to postpone it last week over a number of legal and political challenges amidst agitations from some of its workers.

Prominent among them is the suit by the Member of Parliament for New Juaben South constituency, Dr. Mark Assibey-Yeboah who has filed a suit at the Supreme Court insisting the Bank’s initial Public Offer should first be approved by parliament.

This is the second time the bank has had to put its IPO on hold.

Early this year, government who is majority shareholder of the bank called for a temporary suspension of the IPO following workers agitation.

Mahama Iddrissu in an interview with Citi Business News, said the current challenges with the general economy and the bank has sparked doubts in the business community as investors are likely to critically scrutinize ADB’s offer documents before they make offers.

‘’People will begin to think that information is being withheld in the offer documents and that is going to let people do another scrutiny of the documents’’.

This he says will lead to another challenge as the investment sector is based on trust.

According to Mahama Iddrisu, ‘’If there is not trust in investment banking, trust me there is no hope.’’

–

By: Lorrencia Nkrumah/citifmonline.com/Ghana

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