Business News of Saturday, 21 February 2015
Source: Citifmonline.com
Barring any hitches, the Agricultural Development Bank (ADB) will list on the Ghana Stock Exchange by the end of March, 2015.
This move is expected to take off after the Ghana Stock Exchange has received approval from the regulator for the offer.
Citi Business News has learnt that ADB will be hoping to raise about GHC 200 million cedis from its Initial Public Offering on the Ghana Stock Exchange.
Cabinet last year gave approval for ADB to list on the Ghana Stock Exchange through an Initial Public Offering.
Per the current share structure of the bank, the Bank of Ghana has 48 percent shares, but ADB’s move to go public will see the central bank offload its shares.
A successful listing of ADB on the Ghana Stock Exchange will also see an increase in the bank’s capital as well as improve branding.
Managing Director of the Ghana Stock Exchange, Kofi Yamoah in an interview with Citi Business News said ADB has already been embarking on road shows to sensitize its clients on the intended IPO and subsequent listing on the money market.
‘’We are yet to receive approval for the offer documents and once they do that, they will launch the offer so we expect that in the first quarter of 2015.’ He adds that two companies, Intravenous Infusions Limited and Meridian Marshalls will also initiate plans to list on the Ghana Alternate Exchange (GAX) by next week.
‘’We expect Intravenous Infusions which is in the medical sector and Meridian Marshalls which is in the education sector to also open before the end of this month’’ Mr Yamoah added.