The Managing Director of the Ghana Stock Exchange (GSE), has lashed out at the Member of Parliament for New Juaben South constituency, Dr. Mark Assibey-Yeboah for his law suit at the Supreme Court insisting the IPO by the ABD Bank be approved first by parliament.
[contextly_sidebar id=”prtTfNB1tB8myM8LyvHXaG2MqEPvSyj2″]Kofi Yamoah in an interview with Citi Business News was of the view that the bank is not under any obligation to defer its Initial Public Offering as it is the Bank of Ghana that is selling its shares in the institution.
‘’I had my principle that he must be completely wrong because we have seen a number of cases similar to adb ; Produce Buying Company (PBC) and GCB Bank; there are a number of companies that were listed in Statutory Public Corporations Act and a number of companies were converted in 1993 by that one Act into public companies’’
According to the GSE MD, that move gave the Finance Minister ‘’who happened to be the shareholder trustee for all the shares government of Ghana owns to be able to follow through the process of converting the companies into public; it never mentioned parliament being the empire as far as determination of whether it goes public or not’’
Mr Yamoah is of the view that Government of Ghana is not selling it shares in the adb offer ; ‘’its bank of Ghana who is selling so any case I don’t see any government transaction in this.’’
adb’s IPO commenced on July 3,2015 and is expected to run till August 21, 2015.
If the offer launch is successful the ‘ ADB’ stock would begin trading on the Ghana Stock Exchange on 16th of September,2015.
The bank is hoping to raise a total of 398,454,178 cedis through the IPO.
By: Lorrencia Nkrumah/citifmonline.com/Ghana