The Securities and Exchange Commission (SEC) has told Citi Business News it is currently reviewing documents from Agricultural Development Bank (ADB) over moves to resume their Initial Public Offering (IPO).
This comes after ADB officially wrote to inform SEC, seeking approval to resume its IPO.
ADB’s plans to resume its IPO follow UNICOF’s decision to withdraw its suit seeking to place injunction on the bank’s IPO.
The union had claimed that ADB failed to follow due process in preparing a prospectus to list on the Ghana Stock Exchange (GSE) to sell more than 74 million existing shares and 75 million new shares.
Director General of the Securities and Exchange Commission, Dr Adu Anane – Antwi in an interview with Citi Business News, confirmed an official communication from ADB which is to pave way for a new date to be set for the IPO resumption.
“We have received a letter from them but we are currently reviewing documents they submitted to us before we make a determination on what to do with regards to ADB’s IPO resumption because we need to get the information from the document to determine if the way is clear on the matter,” he said.