ADB gets SEC approval to begin IPO

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The Securities and Exchange Commission (SEC) has given Agricultural Development Bank (ADB) the approval to go ahead and offer its shares to the public.

The approval was given last week when the Commission met to review developments in the banking industry.

This means ABD can now begin the processes to possibly list on the local bourse.

The bank is expected to offload a little over 50 percent stake in the institution to the public.

Proceeds from the offer is expected to expand the bank's operations.

Director General of the Commission, Adu Anane-Antwi, said IPO would encourage other firms to also list on the Ghana Stock Exchange.

If ADB's listing becomes successful, it would join other state institutions like GOIL, GCB and SIC that have already listed on the Ghana Stock Exchange.

In a related development, the SEC has also given Republic Bank the approval to make a mandatory offer to shareholders of HFC bank for a possible takeover of the Ghanaian bank.

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