The Ghana Stock Exchange (GSE) says it has lifted the suspension of trading in the shares of the Agricultural Development Bank (adb) with immediate effect.
In a press release Thursday, GSE said, “the investing public and all stakeholders are to note the information released in the Press Release numbered 073/2018 and be advised accordingly.”
Ghanaians woke up to the news about the sale of the local bank after a consortium of financial institutions that control 51 percent shares in adb reportedly willed their rights to uniBank.
The consortium is led by Belstar Capital–a turnkey project finance and implementation institution–also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL, a local newspaper, B&FT reported.
uniBank Executive Director, Clifford Mettle, confirmed the takeover to Joy FM, describing it as a strategic move that will inure to the benefit of both banks.
Consequently, the GSE suspended trading in the shares of adb saying “the suspension is to allow the GSE clarify the news on a purported take-over of ADB.
“With reference to section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in shares of ADB effective March 7, 2018,” the statement said.
It explained that the investing public would be informed in due course of the outcome of the clarifications.
But the Bank of Ghana (BoG) later dismissed as false the alleged takeover of the Agricultural Bank by an indigenous bank, uniBank.
BoG Governor, Dr Ernest Addison said the Central Bank has neither sanctioned the change of adb ownership nor the willingness of the majority shareholder’s rights to uniBank.
uniBank also came back to explain that there is no arrangement for it to take over another indigenous bank, adb despite reports to the contrary.
The bank in a statement Wednesday said moves to make it the majority shareholder of adb does not amount to a complete takeover of the bank.