No Result
View All Result
Monday, February 6, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    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%

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

    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

  • TECHNOLOGY

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • 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

    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%

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

    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

  • TECHNOLOGY

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

  • 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 to resume IPO

bycitibusinessnews
August 19, 2015
in Banking And Finance, Business, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Agricultural Development Bank (ADB) has told Citi Business News it will immediately initiate moves to re-launch its Initial Public Offer (IPO).

[contextly_sidebar id=”Q5klReV6cuD3mgLVpMJ0KuE83MhSWGBx”]The move follows the ditching of a law suit filed against it by the of Union of Commerce, Industry and Finance workers (UNICOF) seeking to place an injunction on the IPO following the bank’s failure to follow due process in preparing a prospectus to list on the Ghana Stock Exchange.

UNICOF which gave no reasons in court for the withdrawal dragged ADB to the Supreme court early this month barely 24 hours after an Accra high court threw out their earlier case against the bank seeking to place an injunction on its Initial Public Offer.

ADVERTISEMENT

According to UNICOF, ADB, failed to follow due process in preparing a prospectus to list on the Ghana Stock Exchange to sell more than 74 million existing shares and 75 million new shares.

But in a rather interesting turn of events lawyer for UNICOF today announced in court it had withdrawn the suit.

Lawyer for UNICOF Charles Bawaduah explained to Citi Business News after the ruling that his client withdrew the case because’ we believe in the best interest of UNICOF it will be tactical to withdraw the case. We are not trying to frustrate ADB and the process but we want the bank to go through the right process.

The court has ruled that we should not repeat this application in the court but we have other suits in other courts so we will explore them.’ He said.

But ADB’s Head of Legal and General Counsel Maxwell Kofi Amoakohene has told Citi Business News that the bank will immediately resume the IPO.

‘It’s a big day for us the process of making money for the bank which some wanted to halt has been cleared.

We had said from the beginning that there was not any merit in the whole process they had sought to follow the best thing for them to do is what they did today’.

Maxwell Kofi Amoakohene also encouraged customers to buy the bank’s shares when the IPO is re-launched.

‘Immediately we are going to inform SEC and all others so we start the process, it could even be tomorrow.

I can assure all Ghanaians that the way is clear and all those who want to invest in the bank should come so together we can help this bank make money’. He added.

Meanwhile the Supreme court has ruled that UNICOF cannot ever file such a case before the court following their withdrawal of the case.

The court also awarded the two defendant’s which ADB and the Attorney General five thousand each in damages.

ADB was forced to put on hold the IPO following the law suits.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

Related Posts

Local Economy

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

bycitibusinessnews

The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the...

Read more

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

Next Post

Cedi's woes will worsen-Dalex boss

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.