ADB announces listing of 1.3bn additional ordinary shares on GSE

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Agricultural Development Bank PLC has announced the listing and commencement in trading of 1,305,729,741 additional ordinary shares on the Ghana Stock Exchange.

This follows a Renounceable Rights Issue.

In a circular to the listing public, ADB and its transactional advisor Petra Securities commended the public for ensuring a successful Rights Issue.

Shareholders of the ADB PLC had earlier approved a record capital injection into the bank to strengthen its operations.

The resolution was passed at an Extraordinary General Meeting (EGM) on December 28, 2023.

The resolution was in furtherance of the bank’s intention to raise additional capital to shore up its minimum paid-up capital which has been adversely affected by factors including the impact of the recent Domestic Debt Exchange Programme (DDEP) and challenged performance of the banking sector over the past two years, among others.

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Renounceable Rights Issue