No Result
View All Result
Thursday, February 2, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    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%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    $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

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

  • TECHNOLOGY

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

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

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    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.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    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%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    $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

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

  • TECHNOLOGY

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

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

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    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.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

ADB recommences IPO

bycitibusinessnews
August 31, 2015
in Banking And Finance, Business, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Agricultural Development Bank Limited (ADB) has recommenced its Initial Public Offer (IPO).

[contextly_sidebar id=”a5Ae3JJQwkzXhfvtc89YiBw2teMgM83Z”]The IPO kick started today August 31st, 2015 after it was put on hold following two suits filed by the Union of Commerce, Industry and Finance (UNICOF) in an Accra High court and the Supreme.

UNICOF on Wednesday 19th August, 2015 withdrew the case it filed against the bank at the Supreme court over its  Initial Public Offer (IPO).

ADVERTISEMENT

The suit which was cited by Citi Business News sought an order of interlocutory injunction to restrain the defendant ADB, their agents, assigns, privies and or contractors from proceeding with continuing, or resuming the sale of the shares of the bank pending final determination of the suit filed at the court.

The motion for an order of interlocutory injunction had ADB as the 1st defendant and the Attorney General and minister of Justice as the 2nd defendant.

According to UNICOF, the 1st Defendant which is ADB, failed to follow due process in preparing a prospectus to list on the Ghana Stock Exchange and sell more than 74 million existing shares with plans to issue more than 75 million additional shares. UNICOF also accused ADB’s management of perpetuating an illegality by signing two memoranda of understanding with two foreign companies for the allotment of a number of shares to those companies.

According to ADB in a release it will  recommence the IPO from today  August 31, 2015 at 9am and will end at 5pm on October 9, 2015.

According to the bank the Securities and Exchange Commission (“SEC”) has approved the re-opening of the ADB IPO.

Per the new reopening the timetable will be as follows:

Activity Date Time
Recommencement of Offer Period 31 August 2015 9:00am
End of Offer Period 9 October 2015 5:00pm
Application Forms review for allotment commences 12 October 2015 9:00am
End of allotment and submission of results to the SEC 23 October 2015 5:00pm
Crediting of ADB Shares to successful applicants 30 October 2015 5:00pm
Commence dispatching letters to successful applicants 02 November 2015 9:00am
Refunds to unsuccessful applicants 02 November 2015 10:00am
Listing of all ADB Shares. First day of trading on GSE 04 November 2015 10:00am

 

Meanwhile shares of the bank can be bought at any ADB branch, any Standard Chartered Bank (“SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (“LDM”) of the Ghana Stock Exchange (“GSE”) at GHS 2.65 per share.

Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 ADB Shares thereafter.

Meanwhile according to the bank applicants ‘should however note that there are two Writs of Summons currently pending in the Supreme Court titled’:

  1. a) Dr. Mark Asibey-Yeboah Vrs. Agricultural Development Bank Limited & Attorney General & Minister of Justice; and
  2. b) Union of Industry, Commerce & Finance Vrs. Agricultural Development Bank limited & Attorney General & Minister of Justice.

In the suits, Plaintiffs allege that, because the shares on offer belong to the Government of Ghana and are held in trust for it by the Ministry of Finance, and certain specific aspects of the IPO entail agreements with foreign or international entities, ADB requires prior Parliamentary approval pursuant to Article 181(5) of the 1992 Constitution, in order to engage in the IPO.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

Related Posts

Local Economy

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

bycitibusinessnews

The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration...

Read more

Government finally makes progress on Debt Exchange Program

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

Africa loses $88bn annually through illicit financial flows – Akufo-Addo

AMA to roll out digital revenue collection system in March 2023

We will not layoff Vodafone staff – Telecel

Petrol to sell for GHS15 in February – IES

Next Post

Ghana to introduce new cocoa variety on world market

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.