Citi Business News checks has revealed that the agricultural development bank (adb) has stopped its Initial Public Offer (IPO) following a court ruling directing the bank to put the IPO on hold.
[contextly_sidebar id=”ZUbRlhl7fdqqP5gWnjiKv9oelBcf9sZX”]The Industry of Commerce and Finance Workers (UNICOF ) last Friday secured an interim injunction order from an Accra High Court against the Agricultural Development Bank’s IPO.
The court granted a 10-day interim injunction to allow for a substantive case to be heard.
Per the ruling adb cannot continue the sale of its shares and also its equity arrangements with Atlas Mara Ltd and Norfund who are seeking equity shares of 25% and 15% respectively.
adb is to halt the sale and all other arrangements pending the determination of the suit.
But a visit to some of the branches of adb in the morning showed the sale of shares was still ongoing.
A letter also cited by Citi Business News to the bank’s branch managers nationwide also directed them to continue the sale.
According to the mail sent at 9:41 this morning to all Branch Managers, Branch Operations Officers and Branch CSO’s among others the IPO was still ongoing.
The bank directed staff of all of its branches nationwide to continue the sale of its shares.
According to the bank in the mail ‘there is news going round in the electronic media that a High Court had slapped an injunction on the sale of the IPO we wish to advise that at the time of writing this mail the bank has not been served with any such injunction. You are therefore to continue the sale of the IPO until further notice, management shall update all with any development when necessary’.
But another mail sent by the bank to all Branch Managers, Branch Operations Officers and Branch CSO’s among others at 1:32 this afternoon asked them to stop the sale of shares.
The mail said’ the bank has been served with an injunction order to stop the sale of the IPO.
You are therefore advised to stop the sale of the IPO immediately.
Kindly transfer what you have already sold to the returning officer/financial controller by close of business day.’ It concluded.
By: Vivian Kai Lokko/citifmonline.com/Ghana