Bank of Ghana expected to receive 220million Cedis for its stake
The Bank of Ghana is about to receive almost 220 million cedis for its stakes in ADB, Agricultural Development Bank that if its initial Public Offer on the GSE, Ghana Stock Exchange is successful. likely
Agricultural Development Bank is hoping to move up a sum of about 420 Millions cedis from the IPO that is expected to leave about 220 million cedis to the Bank of Ghana for its 48 % stake in the bank which will be offloading during IPO.
The bank would issue almost 1.4 million shares consist of shares in Bank of Ghana and some new share from the proper bank.
ADB Bank floated new shares that are expected to give way some 200 million cedis and it will be used for expansion of ADB program to increase its capital.
Dr Adu Anane Antwi, Director General of SEC told Citi News, that they are raising almost 420 million out of the issue, and 1.4 million shares but some of them were for owners who were currently holding those shares, especially BoG which is giving its share and bank is also floating new shares for its development program that is around 200 million to the bank itself.
Last year SEC approved Agriculture Development Bank’s IPO that is about to take off be the end of April.
According to the Director General of SEC, if the offer of Agriculture Development Bank document has been approved by the charge then they can go forward and open the proposal and get people to subscribe to the proposal that they are offering and once they finish their share offering and it is successful campaign.
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