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    DDEP: Government hopeful bondholders will register for programme

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    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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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

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    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

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    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

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ADB justifies extension of IPO

bycitibusinessnews
March 1, 2016
in Banking And Finance, Top Stories
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The Agricultural Development Bank (ADB) has attributed the extension of its Initial Public Offer (IPO) to its quest to allow more retail patronage of its shares.

The sale of the bank’s IPO was initially scheduled to end on February 26, however, a statement released by the bank indicated an extension to March 24, 2016.

The Head of Research at UMB stock brokers, Nana Kofi Agyeman Gyamfi had earlier told Citi Business News of a low patronage with some few weeks to the end of the initial closing date.

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ADB launched its IPO on December 23 after several unsuccessful attempts due to some legal constraints. The bank is expecting to raise about 390 million cedis from the IPO.

Speaking to Citi Business News, the Head of Marketing and Communications at ADB, Solomon Adu Atefoe maintained that the bank is hopeful of further increase in patronage before the closing date is due.

“Based on the immense response by the customers at the later stage of the IPO, we decided to extend it to give more people the chance because Ghanaians were behaving like the last minute purchasers which we usually are. So there was the need for ADB to grant more people the opportunity to own part of the progressive bank.” Solomon Adu Atefoe stated.

Meanwhile Solomon Adu Atefoe says the bank is optimistic of higher patronage during the extension period, “Expectations are great. We believe more people are going to buy into it. As I keep saying, ADB staff has bought into it and more retail customers are also buying into it so expectations are very very good”. He added.

–

By: Pius Amihere Eduku/citifmonline.com/Ghana

 

 

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