The Agricultural Development Banks intended listing on the Ghana Stock Exchange has once again hit the snag as a result of some alleged underhand dealings by the new management and the board of the bank.
After several court actions which impeded the smooth process of the IPO, one would have thought that the new management headed by Daniel Asiedu will ensure the smooth and unimpeded listing on the Stock Exchange but the contrary is what is happening.
After all issues regarding protests and law suits were resolved, the IPO was reopened on Dec. 23, 2015 and to be closed on the Feb, 26. Two weeks before the closure of the offer, a further extension of four weeks was announced to now close on the 24th of march.
After the official closure of the offer period, several publications and radio interviews detailing the oversubscription were announced which meant that listing on Stock Exchange should be smooth sailing. Infact a date for the listing was published in the dailies to take place on the 5th of may 2016.
The question that a curious mind will ask is that, after going through a successful offer period which led to the oversubscription of the offer as told by the management of the bank ,why is the bank still not listed on the Stock Exchange?
Investigations have revealed that only 2.7 percent of the 70% of adb shares were bought by individuals at the advertised offer price of GH2.65. So why should the management announce that the IPO have been over subscribed.
What is even intriguing and worrisome is that, unknown to the Finance Minister, adb management and the board had allegedly agreed to give the rest of the shares which is about 68% of the entire shares to the institutional investors at a reduced price of GH2 instead of the advertised GH 2.65.
Stay tuned for more .
Source: Peacefmonline.com/Ghana
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