Court throws out UNICOF application to stop adb IPO

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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.

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