ADB to raise 300m through initial public offering

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The Agricultural Development Bank ADB is planning to raise about 300 million Ghana cedis through its public offering.

ADB is also hoping to start the sale of a little over 100 million shares to the public by April ending. ADB hopes to give out 75 percent of the Bank.

However, the bank is hoping to use part of the 300 million Ghana cedis to pay off Bank of Ghana for its 48 percent shares in ADB. The Bank is also hoping to issue new shares during the Initial public offer.

According to a senior director at the bank, it should be able to list on the Ghana Stock Exchange possibly by May ending.

Finance house, IC Securities will be the transaction advisor for the offer, while NTHC will act as the sponsoring broker. According to the bank, it wants 60 percent of the offer to be taken by Ghanaians with the remaining 40 spread among some institutional investors, IFC, ACTIS and other foreign partners.

Proceeds from the offer will be used to recapitalize the bank and also carry out some expansion workers.

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