The Securities and Exchange Commission (SEC) has announced that it has released its hold on the Initial Public Offer (IPO) of the Agricultural Development Bank (ADB), following a decision by the bank to withdraw an earlier petition it filed with the Commission.<\/p>\n
[contextly_sidebar id=”tHlBcLZlOgqCezGLPvUuU4JrO7lo3LkS”]SEC, early this month put on hold all activities regarding the IPO to allow investigations, following a petition by the Board of Directors of ADB over concerns on the returns of the Initial Public Offer.<\/p>\n
The Board had failed to approve offer results submitted by the Financial advisors and lead sponsoring broker, IC securities.<\/p>\n
But a statement from SEC and copied to Citi Business News<\/strong> said, \u201cADB on 19th<\/sup> May, 2016 wrote to the commission to withdraw the petition.\u201d<\/p>\n It added, \u201cThe SEC has therefore released its hold on the activities relating to the ADB IPO.\u201d<\/p>\n ADB concluded its IPO in March after putting it on hold a number of times.<\/p>\n The offer was to raise 390 million cedis.<\/p>\n The Head of Marketing and Communications at ADB, Solomon Adu Atefoe had told Citi Business News<\/strong> the offer has been oversubscribed by over nine percent.<\/p>\n He also indicated that proceeds of the IPO will be channeled into paying the Bank of Ghana\u2019s shares and embark on the bank\u2019s branches and IT infrastructure expansion projects.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The Securities and Exchange Commission (SEC) has announced that it has released its hold on the Initial Public Offer (IPO) of the Agricultural Development Bank (ADB), following a decision by the bank to withdraw an earlier petition it filed with the Commission. [contextly_sidebar id=”tHlBcLZlOgqCezGLPvUuU4JrO7lo3LkS”]SEC, early this month put on hold all activities regarding the IPO […]<\/p>\n","protected":false},"author":14,"featured_media":211824,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,11],"tags":[],"class_list":["post-215837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance","category-business","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/215837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=215837"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/215837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/211824"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=215837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=215837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=215837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}