GSE suspends trading in ADB shares

GSE suspends trading in ADB shares
Source: Ghana| JoyBusiness | JAD
Date: 17-07-2018 Time: 11:07:52:am

The Ghana Stock Exchange (GSE) has suspended the trading in the shares of Agricultural Development Bank Ltd.

The move, according to the GSE follows the annulment of acquisition of shares in Agricultural Development Bank Limited (ADB) by the Bank of Ghana.

“The suspension of trading in ADB shares is necessary to prevent: (a) disorderly trading in the shares of ADB; (b) market and/or investor abuse; and (c) investors taking decisions that may make them worse off than would have been the case if they possess more information or clarity on the matter,” the GSE said in a statement.

Trading in ADB shares will resume on Friday, July 20, 2018, the GSE has said.

The Bank of Ghana on Monday annulled the acquisition of shares of Agriculture Development Bank held by Belstar Capital, Starmount Development company Ltd, SIC Financial Services Ltd and EDC Investments Ltd.

“The Bank of Ghana considers that Belstar and Starmount are not fit and proper persons and cannot permit them to continue to hold shares acquired directly or indirectly in ADB,” a statement from the BoG said.

According to the Central Bank the annulment “takes effect immediately.”

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