ADB
ADB

The launch follows approval from the Securities and Exchange Commission (SEC). The bank’s Official Launching of the IPO has on numerous occasions been put on hold after suffering multiple law suits.

ADB
ADB

The possibility of the relaunch of the IPO was after the last suit which was filed by the Member of Parliament for New Juaben South, Mark Assibey Yeboah, was withdrawn.

According Hon Assibey Yeboah’s Lawyer Alexander Afenyo Markin, the suit was withdrawn following an assurance from Management of ADB to involve parliament to solve impasse.

The decision came after the two applications filed at the Supreme Court of Ghana for an order of interlocutory injunction and a writ to invoke the Original Jurisdiction of the Supreme Court Article 2,130,181(1)(3) and (5) of the 1992 constitution.

The Supreme Court of Justice of Ghana, upon a voluntary application by Dr Mark Assibey-Yeboah and UNICOF to withdraw their applications after a review of their legal position, on 22nd September 2015 and 29th September 2015, respectively, struck out both applications as withdraw

Citi Business reports that a total of 74,888,369 shares belonging to the Bank of Ghana will be sold while another set of 75,471,698 new shares from the bank proper will also be sold at a share price of 2 cedis 65 pesweas.

ADB is hoping that the IPO will yield a total of GHC398,454,178.

According to the bank, an amount of GHC191,741 million will be given to Bank of Ghana for its shares. GHC60million of the IPO yields will be spent on the bank’s expansion and refurbishment works of its branch network. About GHC49 million for re-branding and staff rationalization.

The shares can be bought at any ADB branch, Standard Chartered Bank (“SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (“LDM”) of the Ghana Stock Exchange (“GSE”). Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 ADB Shares thereafter.

Source- Newsghana.com.gh

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.