{"id":216380,"date":"2016-05-23T10:40:02","date_gmt":"2016-05-23T10:40:02","guid":{"rendered":"http:\/\/citifmonline.com\/?p=216380"},"modified":"2016-05-23T10:40:02","modified_gmt":"2016-05-23T10:40:02","slug":"ssnit-cocobod-others-likely-to-buy-adb-shares","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=216380","title":{"rendered":"SSNIT, COCOBOD others likely to buy adb shares"},"content":{"rendered":"<p style=\"text-align: justify;\">Some state institutions are likely to purchase shares in the Agricultural Development Bank (ADB) when the Initial Public Offer (IPO) resumes.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;jXySn41TekXX3W41AXToca4IKwEdUW05&#8243;]The bank is to re-launch its IPO for preferred anchor investors.<\/p>\n<p style=\"text-align: justify;\">This is because the IPO which ended in March, failed to meet the terms of reference for the bank\u2019s preferred anchor investors.<\/p>\n<p style=\"text-align: justify;\">The move has also become necessary due to the <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/05\/11\/sec-investigates-adb-over-ipo-results\/\" target=\"_blank\">failure<\/a><\/strong><\/span> by the Board of Directors of ADB to approve offer results presented by financial advisors and lead sponsoring broker, IC Securities.<\/p>\n<p style=\"text-align: justify;\">ADB earlier petitioned the Securities and Exchange Commission (SEC) for an investigation into the IPO, but it has since last week <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/05\/20\/sec-releases-hold-on-adb-ipo\/\" target=\"_blank\">withdrawn<\/a> <\/strong><\/span>the petition.<\/p>\n<p style=\"text-align: justify;\"><strong>Citi Business News <\/strong>understands more government based institutions preferred for the offer include the Social Security and National Insurance Trust (SSNIT) and the Ghana Cocoa Board (COCOBOD).<\/p>\n<p style=\"text-align: justify;\">\u00a0ADB concluded its IPO in March after putting it on hold a number of times.<\/p>\n<p style=\"text-align: justify;\">The offer was to raise 390 million cedis.<\/p>\n<p style=\"text-align: justify;\">The Head of Marketing and Communications at the bank, Solomon Adu Atefoe told <strong>Citi Business News<\/strong> that the offer has been oversubscribed by about nine percent.<\/p>\n<p style=\"text-align: justify;\">Proceeds are expected to be channeled into paying the Bank of Ghana\u2019s shares as well as branch and IT infrastructure expansion projects.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some state institutions are likely to purchase shares in the Agricultural Development Bank (ADB) when the Initial Public Offer (IPO) resumes. [contextly_sidebar id=&#8221;jXySn41TekXX3W41AXToca4IKwEdUW05&#8243;]The bank is to re-launch its IPO for preferred anchor investors. This is because the IPO which ended in March, failed to meet the terms of reference for the bank\u2019s preferred anchor investors. [&hellip;]<\/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-216380","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\/216380","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=216380"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/216380\/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=216380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=216380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=216380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}