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

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    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

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

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    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

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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

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    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

    Manufacture of petroleum products push PPI to 31.2% in April

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

    Transactions to be affected by E-levy

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    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

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ADB IPO takes off, pegs price at 2 cedis 65 pesewas

bycitibusinessnews
November 24, 2016
in Banking And Finance, Government, Top Stories
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The Agricultural Development Bank (ADB), has re-launched its Initial Public Offer (IPO) after failing to successfully complete the process a number of times.

The offer which was re-launched today [November 24, 2016], seeks to raise about 380 million cedis.

Managing Director of ADB, Daniel Asiedu who confirmed the re-launch in an exclusive interview with Citi Business News said the bank is expecting a net return of 200 million cedis after the offer.

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“As a bank, we expect a net of 200 million cedis; the whole IPO will raise about 380 million cedis but because Bank of Ghana is selling down its shares, part of the money will be going to them while we retain the remaining amount,” he said.

The last attempt to re-launch the IPO was in May this year where the bank rejected the share price investors offered.

Out of the 380 million cedis the bank is hoping to raise about 180 million cedis will go to the central bank which is giving up its shares in the bank.

In his first interview on the IPO since assuming office as MD of ADB, Mr. Daniel Asiedu also confirmed the participation of some public and private institutions.

He would however not readily disclose which institutions and how much each of them is seeking to acquire.

“A couple of institutions both private and public sector have shown interest in the shares of ADB and at this stage it is a bit too early; but for the purposes of confidentiality, I am unable to confirm the names of these institutions,” he observed.

“Most people are aware that ADB is a good brand and we are sure that very soon ADB will be one of the best brands if not the best brand…naturally it will attract interest from investors,” the ADB MD added.

Adb confident of high subscription

Though the bank had been unsuccessful with its plan a couple of times, its Managing Director explains to Citi Business News it is highly optimistic of the fortunes of the IPO this time round.

According to him, though the processes were inconclusive, the oversubscription indicates confidence of investors in the bank.

“What really happened was that it was oversubscribed I think it was the issue of a unit price that we had to contend with…This time around, anybody who have shown interest is clearly aware that anything short of the listed price for each share is non-negotiable,” Mr. Asiedu further intimated.

Proceeds of the offer are expected to be channelled into expanding the bank’s operations.

These include; upgrading IT systems, branch upgrade and software improvement.

The offer closes on Monday, December 5, 2016 and the bank hopes to commence the processes for listing by 7th December 2016.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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