The management of the Agricultural Development Bank (ADB) has announced a temporary halt of its initial public offering (IPO).

The decision follows an interim injunction secured by the Union of Industry Commerce and Finance of TUC Ghana at the High Court.

The bank’s plan to list on the Ghana Stock Exchange has incurred the wrath of workers and Members of Parliament who felt management is circumventing the law in the IPO processes.

Hitherto, management had shown determination to go public unyieldingly. However, ADB today issued a statement to announce its latest decision.

“The general public, ADB, Standard Chartered Bank and all Licensed Dealing Members of the Ghana Stock Exchange are required to put on hold all activities in relation to the ADB IPO process including but not limited to the receipt of offer subscriptions.”

The statement also noted that, “All ADB Offer applications and payments received prior to this temporary injunction will remain valid until otherwise determined by ADB.”

The bank did not explicitly sate when the process will resume only to say that issues relating to the IPO will be relayed to the general public via the Ghana Stock Exchange or in a national daily newspaper.