ADB secures approval to extend IPO

The Agricultural Development Bank Limited (ADB) has secured the approval of the Securities and Exchange Commission to extend its initial public offering.

According to the original time table, the offer should have ended tomorrow, February 26.

However a statement issued by the Bank through the Stock Exchange shows that the Initial Public Offering, will now end on March 24 2016.

The Bank is hoping to list on the Ghana Stock Exchange for possible trading on April 25.

It is however not clear for now what might be the reason for the extension.

Sources however say it has more to do with its inability to get all the funds that it was hoping to raise during the offer ADB, earlier this year resumed its IPO after a legal suit that was seeking to stop the whole exercise was thrown out of court

Below is the full statement

The Agricultural Development Bank Limited (ADB) has announced that the Securities and Exchange Commission has granted it an extension to its Initial Public Offer (IPO) offer period which was supposed to have ended on 26 February, 2016.

Shares can be bought at any ADB branch, any Standard Chartered Bank ("SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member ("LDM”) of the Ghana Stock Exchange ("GSE”).

Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any SCB branch, IC Securities (Ghana) Limited, any LDM of the GSE or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you.

Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.

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