ADB gets green light to offer its shares

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The Securities and Exchange Commission (SEC) has finally given Agricultural Development Bank (ADB) the green light to go ahead and offer its shares to the public.

ADBThe approval was given when the Commission met to review developments in the banking industry.

This opens the gate ADB to begin the processes to possibly list on the local bourse.

The bank is expected to offload a little over 50% stake in the institution to the public. The Bank of Ghana holds majB in trust for the Government of Ghana

Proceeds from the offer is expected to expand the bank’s operations.

Director General of the Commission, Dr. Adu Anane-Antwi, said IPO would encourage other firms to also list on the Ghana Stock Exchange.

If ADB’s listing becomes successful, it would join other state institutions like GOIL, GCB and SIC that have already listed on the Ghana Stock Exchange.

In a related development, the SEC has also given Republic Bank the approval to make a mandatory offer to shareholders of HFC bank for a possible takeover of the Ghanaian bank.

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