GSE suspends trading in adb shares

Ghana Stock Exchange (GSE), has suspended trading in the shares of the Agriculture Development Bank (ADB) effective Wednesday.

GSE in a statement explained the action was taken to afford ADB the opportunity to clarify its purported takeover by an indigenous bank, uniBank Ghana Limited.

“This is to allow the GSE clarify news on a purported take-over of ADB. The investing public will be duly informed of the outcome and resumption of trading in the shares of ADB,” read the statement.

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, B&FT reported.

Read: uniBank takes over ADB 

Confirming the news on Joy FM Super Morning Show, uniBank Executive Director, Clifford Mettle, said the takeover was a strategic move that will inure to the benefit of both banks.

He said adb management will be at post to continue to steer the affairs of the bank until a decision is reached by the new owners about their future.

But GSE has stayed trading in adb shares following a meeting between GSE Managing Director and GSE Council Chairman.