<\/p>\n
John Kofi Mensah, ADB MD<\/strong><\/em><\/p>\n AGRICULTURAL DEVELOPMENT Bank (ADB) has made a private placement of 39,076,924 ordinary shares of no par value to the Ghana Amalgamated Trust (GAT) to raise GH\u00a2127 million.<\/p>\n The flotation of Unlike \nThus, GAT will have representation on the board According to ADB, The private The equity Serengeti Capital A communication GAT \nFive banks – Prudential, UMB, NIB, ADB and GAT The post ADB Seeks GH\u00a2127m To Recapitalise appeared first on .<\/p>\n","protected":false},"excerpt":{"rendered":" John Kofi Mensah, ADB MD AGRICULTURAL DEVELOPMENT Bank (ADB) has made a private placement of 39,076,924 ordinary shares of no par value to the Ghana Amalgamated Trust (GAT) to raise GH\u00a2127 million. The flotation of the shares, which comes at a placement price of GH\u00a23.25 per share, is part of ADB\u2019s recapitalization exercise and is […]<\/p>\n","protected":false},"author":1,"featured_media":752331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-778565","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
\nthe shares, which comes at a placement price of GH\u00a23.25 per share, is part of
\nADB\u2019s recapitalization exercise and is billed to support its holistic growth.<\/p>\n
\nInitial Public Offerings (IPOs), which are open to the general public, the
\nprivate placements are targeted at specific investors who usually invest huge
\nsums of money.<\/p>\n
\nof directors of ADB who will provide the strategic direction of the bank.<\/p>\n
\nthis is pursuant to Regulation 40 of the Ghana Stock Exchange Listing Rules,
\n2006.<\/p>\n
\nplacement starts on Friday, January 10, this year, and ends on Tuesday, January
\n14, with listing of shares planned for Tuesday, January 21.<\/p>\n
\ninjection was approved by the shareholders of ADB at its annual general meeting
\non August 28, last year, and the Securities and Exchange Commission (SEC) on
\nJanuary 2, this year.<\/p>\n
\nis the lead manager and sponsoring broker for the offer.<\/p>\n
\nby the bank said, \u201cTrading will not be suspended during the offer period; hence
\nshareholders on the register of members of Agricultural Development Bank may
\ncontinue to trade their shares on the exchange as usual. The new shares will be
\nadmitted to the main market of the Ghana Stock market and will rank pari passu
\nto existing ordinary shares in ADB in all respects. Following the admittance of
\nthe new shares, total number of ordinary shares in issue will be 300,798,407.\u201d<\/p>\n
\nwas created by the government to provide funding support to update local banks
\nthat were unable to meet the BoG\u2019s GH\u00a2400 million minimum capital requirement.<\/p>\n
\nOmniBSIC – are billed to receive various sums of money to complement their
\ncapital levels to meet the regulator\u2019s approved standard.<\/p>\n
\nwill be receiving the funds from the Finance Ministry after presenting a plan
\nto raise the money through a bond sale.<\/p>\n