{"id":216963,"date":"2016-05-25T08:16:56","date_gmt":"2016-05-25T08:16:56","guid":{"rendered":"http:\/\/citifmonline.com\/?p=216963"},"modified":"2016-05-25T08:16:56","modified_gmt":"2016-05-25T08:16:56","slug":"sec-scrutinizes-adb-ipo-report","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=216963","title":{"rendered":"SEC scrutinizes adb IPO report"},"content":{"rendered":"<p>The Securities and Exchange Commission says it is working on the Agricultural Development Bank (ADB)&#8217;s Initial Public Offer (IPO) report submitted to it by the Transaction Advisor and the Issuer.<\/p>\n<p>[contextly_sidebar id=&#8221;gV0o6hRgSeHiaZMP3UmtVLRixgSFKeOh&#8221;]According to the Commission, it will announce its findings to the public after concluding its work on the report.<\/p>\n<p>It follows the <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\">withdrawal of a petition<\/a> <\/strong><\/span>on the IPO results the Bank filed with the Commission on May 19<sup>th<\/sup>, 2016.<\/p>\n<p>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.<\/p>\n<p>A statement from the Securities and Exchange Commission and copied to <strong>Citi Business News<\/strong> said the Commission is working with the Transaction Advisor and the Issuer.<\/p>\n<p>It added, the SEC will inform the public on the outcome of the findings subsequently.<\/p>\n<p>ADB concluded its IPO in March after putting it on hold a number of times.<\/p>\n<p>The offer was to raise 390 million cedis.<\/p>\n<p>The Head of Marketing and Communications at the ADB, Solomon Adu Atefoe told <strong>Citi Business News<\/strong> the offer has been oversubscribed by over nine percent.<\/p>\n<p>Proceeds of the offer are expected to be channeled into paying the Bank of Ghana\u2019s shares and ADB\u2019s IT and branch expansion projects.<\/p>\n<p>Meanwhile <strong>Citi Business News<\/strong> understands some state institutions including SSNIT and COCOBOD are likely to buy shares of ADB as anchor investors when the bank <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/05\/23\/ssnit-cocobod-others-likely-to-buy-adb-shares\/\" target=\"_blank\">relaunches its IPO<\/a><\/strong><\/span>.<\/p>\n<p>This has also become necessary because the already concluded IPO, failed to meet the terms of reference for an anchor investor.<\/p>\n<p>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.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission says it is working on the Agricultural Development Bank (ADB)&#8217;s Initial Public Offer (IPO) report submitted to it by the Transaction Advisor and the Issuer. [contextly_sidebar id=&#8221;gV0o6hRgSeHiaZMP3UmtVLRixgSFKeOh&#8221;]According to the Commission, it will announce its findings to the public after concluding its work on the report. It follows the withdrawal of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"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-216963","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-business","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/216963","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=216963"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/216963\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=216963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=216963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=216963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}