ADB to re-launch its IPO as soon as possible -Board

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The Agricultural Development Bank (ADB) is assuring the investing public that it will soon open the doors for them to be part owners of the Bank.

ADB was directed by the Securities and Exchange Commission to return about ¢438million raised during the Initial Public Offering (IPO) to investors on Monday, May 30.

This after the bank failed to raise the required ¢100 million, as the minimum requirement to make the offer successful.

The challenges were influenced by ADB's own decision to reject, all applications by investors who bought it share price at ¢2 instead of the ¢2.65 announced in its prospectus, to enable go ahead with plans to list on the Ghana Stock Exchange (GSE).

But in a statement issued today and signed by its board chairman, Nana Soglo Alloh IV, the Bank says "we are desirous to be part of the capital market through the listing of shares on the Ghana Stock Exchange" adding that it is in consultation with its stakeholders to re-launch the offer as soon as possible.

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