{"id":141198,"date":"2015-08-06T12:50:20","date_gmt":"2015-08-06T12:50:20","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=141198"},"modified":"2015-08-06T13:24:07","modified_gmt":"2015-08-06T13:24:07","slug":"adb-ipo-court-throws-out-unicofs-case","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/08\/adb-ipo-court-throws-out-unicofs-case\/","title":{"rendered":"adb IPO: Court throws out UNICOF&#8217;s case"},"content":{"rendered":"<p style=\"text-align: justify;\">An Accra High Court has thrown out an application \u00a0for an injunction by the Union of Commerce, Industry and Finance (UNICOF) to stop the management from listing the Agriculture Development Bank (adb) on the stock exchange.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;fR1nhbBnq0AftlABVaTeOYFzZtb12HJv&#8221;]The IPO is aimed at raising about $300 million to support the Bank\u2019s operations.<\/p>\n<p style=\"text-align: justify;\">The move has met some stiff opposition from UNICOF and the Minority in Parliament who claim the sale of adb is not right.<\/p>\n<p style=\"text-align: justify;\">At a hearing in Accra today, the Court dismissed the injunction application saying it will hurt the bank if the injunction is allowed.<\/p>\n<p style=\"text-align: justify;\">In her ruling, Justice Gifty Addo further added that the injunction if granted could also affect the investors &#8211; Alas Mara and Norwegian Development Fund (NORFUND) who have invested heavily in the company.<\/p>\n<p style=\"text-align: justify;\">Speaking to <strong>Citi Business News<\/strong>, Head of legal department at adb, Maxell Kofi Amoako said, &#8220;they [UNICOF] came to court to stop us from proceeding with the IPO. The court says no, the bank stands to lose larger as against their level interest. So what it means is that ordinarily we should be able to proceed with the IPO.&#8221;<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Counsel for UNICOF, lawyer Charles Bawaduah \u00a0hinted to <strong>Citi Business News<\/strong> that they &#8220;will appeal the case<strong>.<\/strong>&#8220;<\/p>\n<p style=\"text-align: justify;\">UNICOF had earlier secured a 10-day interim injunction order from an Accra High Court against the adb\u2019s IPO.<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Norvan Acquah-Hayford\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Accra High Court has thrown out an application \u00a0for an injunction by the Union of Commerce, Industry and Finance (UNICOF) to stop the management from listing the Agriculture Development Bank (adb) on the stock exchange. [contextly_sidebar id=&#8221;fR1nhbBnq0AftlABVaTeOYFzZtb12HJv&#8221;]The IPO is aimed at raising about $300 million to support the Bank\u2019s operations. The move has met [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":112849,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>adb IPO: Court throws out UNICOF&#039;s case - Citi 97.3 FM - Relevant Radio. 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