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Securities and Exchange Commission SEC releases freeze on ADB IPO

This follows a decision by the bank to withdraw an earlier petition it filed with the Commission concerning the returns of the IPO, which the Board of ADB decided not to approval.

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Agricultural Development Bank, ADB play

Agricultural Development Bank, ADB

The Securities and Exchange Commission (SEC) has given the Agricultural Development Bank the green light for the process of its IPO to continue.

This follows a decision by the bank to withdraw an earlier petition it filed with the Commission concerning the returns of the IPO, which the Board of ADB decided not to approve.

In a statement released to the media,  the SEC said “ADB on 19th May, 2016 wrote to the commission to withdraw the petition.” It added, “The SEC has therefore released its hold on the activities relating to the ADB IPO.”

READ MORE: ADB MD congratulates 'Deposit and Win Promo' winners

ADB seeks to raise 390 million Ghana Cedis in its IPO, which closed in March, 2016.

According to Solomon Atefoe, Head of Marketing and Communications at ADB,  the IPO had done well, attracting both local and international investors.

The goal of the IPO was to pay off the Bank of Ghana’s shares in the bank and  to expand the bank in order to increase its market share and presence in the country.

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