Ghana Stock Exchange MD says ADB is not delisting from the stock market

The Managing Director of the Ghana Stock Exchange (GSE) Kofi Yamoah has denied claims that abb plans of delisting from the stock market.

His comment comes after reports suggested that the majority shareholders of the bank had taken this decision.

But the Managing Director of the stock exchange, Kofi Yamoah emphasised that this is not true.

In an interview with Accra-based Citi FM Mr Yamoah said: “I have been privy to conversations on this subject matter and the impression I get from the shareholders is that this has never crossed their minds so I shouldn’t take it from that angle.”

“I have not heard the news but in conversations that I am privy to, the emphasis is that the company will continue to be listed,” he added.

The rumours that adb will be delisted comes after the shareholders of the bank had changed.

This is because the former private shareholders; Belstar capital, EDC Investments, Starmount Limited as well as SIC Financial services limited, have all lost their stake to the Bank of Ghana and the Government of Ghana as major shareholders.

adb is currently working to meet the Minimum Capital Requirement of GHC400 million.

To raise the amount needed so their license is not withdrawn the bank will convert a subordinated debt of GHC150 million owed the Bank of Ghana into equity.

Meanwhile, the bank is expected to hold an Annual General Meeting where it will seek approval of shareholders to raise 383 million in renounceable rights to issue.

Mr. Yamoah said he hopes the exercise goes as expected despite the limited time to the recapitalisation deadline of December 31.

“I was privy to discussions in terms of they [adb] meeting the minimum capital requirement by December 31 so I know that pretty soon they will be calling a general meeting so that shareholders can take a decision for that,” he said.