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SEC approves ADB's IPO

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The Securities and Exchange Commission (SEC) has given the green light for the  Agricultural Development Bank (ADB) to go ahead with its public listing.

In statement signed by its Director General, Dr Adu A. Antwi, the SEC said the move followed the 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.

It said, “The Securities and Exchange Commission (SEC) wishes to inform investors and the general public that subsequent to its press release on May 10, 2016 on the Agricultural Development Bank (ADB) petition against its IPO, the Bank has written to the SEC to withdraw the petition on 19th May, 2016. The SEC has therefore released its hold on activities relating to the ADB IPO.”

ADB seeks to raise GhȻ390 million in its IPO, which closed in March, 2016.

The goal of the IPO, according to Graphic Online 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.