Audio By Carbonatix
An Accra High Court has thrown out an application for an injunction by the Union of Commerce, Industry and Finance (UNICOF) to stop the management from listing the Agriculture Development Bank (adb) on the stock exchange.
The IPO is aimed at raising about $300 million to support the Bank’s operations.
The move has met some stiff opposition from UNICOF and the Minority in Parliament who claim the sale of adb is not right.
At a hearing in Accra Thursday, the Court dismissed the injunction application saying it will hurt the bank if the injunction is allowed.
In her ruling, Justice Gifty Addo further added that the injunction if granted could also affect the investors – Alas Mara and Norwegian Development Fund (NORFUND) who have invested heavily in the company.
Head of legal department at adb, Maxell Kofi Amoako told Citi FM the bank will proceed with efforts to list on the local bourse.
UNICOF, meanwhile, has indicated it will appeal the ruling.
UNICOF had earlier secured a 10-day interim injunction order from an Accra High Court against the adb’s IPO.
Latest Stories
-
Christmas surge in ride-hailing fares hits consumers
51 seconds -
How a new who declaration could change traditional medicine
1 hour -
Evidence shows Ghana needs an independent prosecutorial system – Prof H. Kwasi Prempeh
1 hour -
Selective justice is destroying trust in Ghana’s anti-corruption system – Prof H. Kwasi Prempeh
2 hours -
Politician Attorney General model is broken and no longer credible – Constitution Review Chair
2 hours -
Indonesians raise white flags as anger grows over slow flood aid
3 hours -
Why passport stamps may be a thing of the past
3 hours -
Pope Leo urges ‘courage’ to end Ukraine war in first Christmas address
3 hours -
Commentary on Noah Adamtey v Attorney General: A constitutional challenge to Office of Special Prosecutor
3 hours -
Ghana’s democratic debate is too insular and afraid of change – Constitution Review Chair
3 hours -
24/7 campaigning is a choice, not democracy – Constitution Review Chair
4 hours -
4 years is too short as Ghana lags behind global democratic standards – Constitution Review Chair
4 hours -
GOLDBOD CEO explains ‘Clear Typo’ in Foreign Reserves claim
6 hours -
Trump says US military struck ISIS terrorists in Nigeria
6 hours -
Asake ‘devastated’ after fan dies during Kenya concert
8 hours