Ghana’s Agricultural Development Bank suspended its initial offering of shares after the nation’s High Court ordered an injunction sought by labor unions.
The ADB and other parties involved in the sale must stop all activities, the Accra-based lender said in an e-mailed statement Monday. The offer applications and payments made before the injunction was received will remain valid, the bank said.
The Union of Industry, Commerce and Finance sued the bank last week to force the lender to submit the proposal to raise as much as 400 million cedis ($116 million) to Parliament. The group, which represents employees at the ADB, said lawmakers must approve the deal to sell shares to investors including Bob Diamond’s Atlas Mara.
Source: bloomberg.com
