The Agricultural Development Bank Limited (ADB) has secured the approval of the Securities and Exchange Commission to extend its initial public offering.

According to the original time table, the offer should have ended tomorrow, February 26.

However a statement issued by the Bank through the Stock Exchange shows that the Initial Public Offering, will now end on March 24 2016.

The Bank is hoping to list on the Ghana Stock Exchange for possible trading on April 25.

It is however not clear for now what might be the reason for the extension.

 Sources however say it has more to do with its inability to get  all the funds that it was hoping to raise during the offer  ADB, earlier this year resumed its IPO after a legal suit that was seeking to stop the whole exercise was thrown out of court

 

Below is the full statement

The Agricultural Development Bank Limited (ADB) has announced that the Securities and Exchange Commission has granted it an extension to its Initial Public Offer (IPO) offer period which was supposed to have ended on 26 February, 2016.

As a result of the Extension, the Offer Period will now end on 24 March, 2016.

Below is a timetable for the revised offer:

Activity	Date	Time
Recommencement of Offer Period	23 December 2015	9:00am
End of Offer Period	24 March 2016	5:00pm
Application Forms review for allotment commences	29 March 2016	9:00am
End of allotment and submission of results to the SEC	11 April 2016	5:00pm
Crediting of ADB Shares to successful applicants	18 April 2016	5:00pm
Commence dispatching letters to successful applicants	21 April 2016	9:00am
Refunds to unsuccessful applicants	21 April 2016	10:00am
Listing of all ADB Shares. First day of trading on GSE	25 April 2016	10:00am

 

Shares can be bought at any ADB branch, any Standard Chartered Bank ("SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member ("LDM”) of the Ghana Stock Exchange ("GSE”).

Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any SCB branch, IC Securities (Ghana) Limited, any LDM of the GSE or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you.

Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.