The Initial Public Offer (IPO) of Agricultural Development Bank (ADB)\u00a0 has finally taken off.<\/p>\n
The launch follows approval from the Securities and Exchange Commission (SEC).<\/p>\n
[contextly_sidebar id=”cHNrTU3OkAI5ehEbim8DN8Umymvg4qpb”]The launch was been put on hold several times following a number of law suits filed against the bank for the move.<\/p>\n
The last suit that was filed against the launch of the offer was by the Member of Parliament \u00a0for \u00a0New Juaben South, Mark Assibey Yeboah, but was later withdrawn.<\/p>\n
His lawyer, Alexander Afenyo Markin,\u00a0who announced that at the Supreme court in October,2016 \u00a0said the decision to withdraw the case was due to assurances by management of ADB to engage parliament to resolve the issues of contention.<\/p>\n
But the reason cited\u00a0 was vehemently denied \u00a0by lawyer for ADB \u00a0Tony Lithur, who stated that his clients never held\u00a0talks with the plaintiff.<\/p>\n
Citi Business News has gathered the launch of the IPO took off this morning and will run till the end of February, 2016.<\/p>\n
ADB is hoping to raise a total of 398,454,178 cedis through the IPO.<\/p>\n
A total of 74,888,369 shares belonging to the Bank of Ghana are to 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.<\/p>\n
According to the bank of this amount it will dish out 191, 741 million cedis to the Bank of Ghana for its shares.<\/p>\n
60 million of the cash raised will be used by the bank for expansion and refurbishment of its branch network.<\/p>\n
About 49 million cedis for rebranding and staff rationalization.<\/p>\n
The rest of the cash raised will be used for business applications-34 million, IT upgrades and other IT solutions-26 million cedis.<\/p>\n
The rest will go into the bank\u2019s new head office-8 million cedis, ATM expansion-16 million cedis and offer expenses \u2013 13,480 milion cedis.<\/p>\n
The shares can be bought at any ADB branch, Standard Chartered Bank (\u201cSCB\u201d) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (\u201cLDM\u201d) of the Ghana Stock Exchange (\u201cGSE\u201d).<\/p>\n
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.<\/p>\n
–<\/p>\n
By:\u00a0 Vivian Kai Lokko\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Initial Public Offer (IPO) of Agricultural Development Bank (ADB)\u00a0 has finally taken off. The launch follows approval from the Securities and Exchange Commission (SEC). [contextly_sidebar id=”cHNrTU3OkAI5ehEbim8DN8Umymvg4qpb”]The launch was been put on hold several times following a number of law suits filed against the bank for the move. The last suit that was filed against […]<\/p>\n","protected":false},"author":14,"featured_media":113982,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"\n