The Agricultural Development Bank has announced the commencement of its Initial Public Offer (IPO), which will see the bank offer more than 80 million shares on the Ghana Stock Exchange.
The bank had early on been forced to suspend the IPO following a number of legal and political challenges as well as agitations from its staff.
The IPO launch, if successful will see the ADB stock likely to start trading in September on the Ghana Stock Exchange.
The bank is hoping to raise over GHȻ398million through the IPO.
Below is a statement from ADB on the share offer.
The Agricultural Development Bank Limited (“ADB”) today announces the commencement of its Initial Public Offer (“IPO”) to enable ADB list on the Ghana Stock Exchange.
The public share offer of ADB consists of:
- A sale of 74,888,369 existing ordinary shares of no par value at GHȻ 2.65 per share;
- An offer for subscription of 75,471,698 new ordinary shares of no par value at GHȻ 2.65 per share issued and fully paid; and
- A listing by introduction of 80,563,155 existing ordinary shares (collectively “the ADB Shares”) on the Ghana Stock Exchange.
Shares can be bought at any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited or any Licensed Dealing Member of the Ghana Stock Exchange. Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHȻ 265.00 and in multiples of 10 ADB Shares thereafter.
The timetable for the IPO is as follows:
Offer Open: 3rd July 2015 9:00am • Offer Close: 21st August 2015 5:00pm
Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited, any Licensed Dealing Member of the Ghana Stock Exchange or www.adbipo.com.
Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go down as well as up.
Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.