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    Ghana is the best destination for investment in West Africa – Bawumia

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

  • TECHNOLOGY

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

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    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

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SEC scrutinizes adb IPO report

bycitibusinessnews
May 25, 2016
in Banking And Finance, Government, Top Stories
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The Securities and Exchange Commission says it is working on the Agricultural Development Bank (ADB)’s Initial Public Offer (IPO) report submitted to it by the Transaction Advisor and the Issuer.

According to the Commission, it will announce its findings to the public after concluding its work on the report.

It follows the withdrawal of a petition on the IPO results the Bank filed with the Commission on May 19th, 2016.

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The Board of Directors of ADB failed to approve the offer results presented by the financial advisors and lead sponsoring broker; IC securities after the bank concluded its IPO in March this year.

A statement from the Securities and Exchange Commission and copied to Citi Business News said the Commission is working with the Transaction Advisor and the Issuer.

It added, the SEC will inform the public on the outcome of the findings subsequently.

ADB concluded its IPO in March after putting it on hold a number of times.

The offer was to raise 390 million cedis.

The Head of Marketing and Communications at the ADB, Solomon Adu Atefoe told Citi Business News the offer has been oversubscribed by over nine percent.

Proceeds of the offer are expected to be channeled into paying the Bank of Ghana’s shares and ADB’s IT and branch expansion projects.

Meanwhile Citi Business News understands some state institutions including SSNIT and COCOBOD are likely to buy shares of ADB as anchor investors when the bank relaunches its IPO.

This has also become necessary because the already concluded IPO, failed to meet the terms of reference for an anchor investor.

It is unclear when the ADB will carry out this exercise as it is yet to receive clearance from the industry regulator, that is, Securities and Exchange Commission.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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