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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

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    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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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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