ADB calls off IPO indefinitely

The Agricultural Development Bank has suspended their Initial Public Offer (IPO) indefinitely, a statement from the management of the bank has said.

Lawyer and Member of Parliament for Efutu, Alex Afenyo Markin has filed a case in the Supreme Court challenging the leality of the ADB IPO given that management of the company have refused to seek parliamentary approval for the IPO.

Read more: Afenyo Markin files fresh application to stop ADB’s IPO

The statement signed by the bank’s Resource Coordinator Justice Apenkwah directed its agents to return all shares sold to the returning officer.“Please be advised of the suspension of the Initial Public Offer of ADB shares until further notice. Kindly transfer what you have already sold to the returning officer/Financial Controller,” the statement noted.The IPO sale of ADB has been marred by court suits and heated agitations between management and staff of the Agriculture inclined bank.