Audio By Carbonatix
The Ghana Stock Exchange (GSE) says it has lifted the suspension of trading in the shares of the Agricultural Development Bank (adb) with immediate effect.
In a press release Thursday, GSE said, “the investing public and all stakeholders are to note the information released in the Press Release numbered 073/2018 and be advised accordingly.”
Ghanaians woke up to the news about the sale of the local bank after a consortium of financial institutions that control 51 percent shares in adb reportedly willed their rights to uniBank.
The consortium is led by Belstar Capital–a turnkey project finance and implementation institution–also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL, a local newspaper, B&FT reported.
uniBank Executive Director, Clifford Mettle, confirmed the takeover to Joy FM, describing it as a strategic move that will inure to the benefit of both banks.
Consequently, the GSE suspended trading in the shares of adb saying “the suspension is to allow the GSE clarify the news on a purported take-over of ADB.
“With reference to section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in shares of ADB effective March 7, 2018,” the statement said.
It explained that the investing public would be informed in due course of the outcome of the clarifications.
But the Bank of Ghana (BoG) later dismissed as false the alleged takeover of the Agricultural Bank by an indigenous bank, uniBank.
BoG Governor, Dr Ernest Addison said the Central Bank has neither sanctioned the change of adb ownership nor the willingness of the majority shareholder's rights to uniBank.
uniBank also came back to explain that there is no arrangement for it to take over another indigenous bank, adb despite reports to the contrary.
The bank in a statement Wednesday said moves to make it the majority shareholder of adb does not amount to a complete takeover of the bank.
Consequently, the GSE suspended trading in the shares of adb saying “the suspension is to allow the GSE clarify the news on a purported take-over of ADB.
“With reference to section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in shares of ADB effective March 7, 2018,” the statement said.
It explained that the investing public would be informed in due course of the outcome of the clarifications.
But the Bank of Ghana (BoG) later dismissed as false the alleged takeover of the Agricultural Bank by an indigenous bank, uniBank.
BoG Governor, Dr Ernest Addison said the Central Bank has neither sanctioned the change of adb ownership nor the willingness of the majority shareholder's rights to uniBank.
uniBank also came back to explain that there is no arrangement for it to take over another indigenous bank, adb despite reports to the contrary.
The bank in a statement Wednesday said moves to make it the majority shareholder of adb does not amount to a complete takeover of the bank.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Port crises loom as 11,000 drivers threaten four-day strike
1 hour -
A source of excellence across generations – Vice President Opoku-Agyemang lauds Mfantsipim
2 hours -
(Photos) Mfantsipim School launches historic 150th anniversary
2 hours -
Knights and Ladies of Marshall group backs Catholic Bishops’ stance on anti-LGBTQ+
3 hours -
Bright Simons writes: All the Filla in the Ibrahim Mahama/E&P – Gold Fields Saga
4 hours -
Monetise Idiocy In Ghana
4 hours -
ECG kicks off Phase Two of transformer upgrades at Lashibi; brief outages expected
5 hours -
The Ghanaian prophet and the mysterious death of his scottish wife Charmain Speirs
5 hours -
Nearly 400 sentenced in Nigeria for links to militant Islamists
5 hours -
Ghana’s recovery supported by gold strength despite global oil price pressures – Standard Bank Research
5 hours -
Methodist Church hails Mfantsipim@150; calls for “fresh consecration” to excellence
5 hours -
‘Excellence is our inheritance’ – Nana Sam Brew-Butler hails Mfantsipim’s 150-year reign in leadership
6 hours -
Kwaku Azar writes: A-G vs OSP
6 hours -
Mfantsipim–Adisadel rivalry built excellence, not division – Sam Jonah
6 hours -
Vice President launches Mfantsipim’s 150 years of shaping Ghana’s greatest mind
6 hours