Audio By Carbonatix
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.
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.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Fire guts auto parts warehouse at Bubuashie, one fire officer injured
4 minutes -
I owe my victory to coach Ofori Asare – Allotey after winning WBA Africa Gold Super Flyweight belt
8 minutes -
Church of Pentecost supports over 2,000 BECE candidates in Obuasi with career guidance seminar
2 hours -
Brandon Asante and Coventry all but promoted to Premier League despite Sheffield Wednesday draw
2 hours -
GPL 2025/26: Late Kwartemaa strike downs Hearts in Tema
2 hours -
Ghana Faces Sierra Leone Moment as Prosecutorial Powers come under strain
2 hours -
Don’t consume fish or seafood from Tema Shipyard until further notice – FDA warns
2 hours -
Why volunteering might be Africa’s most underrated career accelerator
3 hours -
ActionAid Ghana raises concern over gender gaps in Feed Ghana Programme
3 hours -
Windstorm wreaks havoc in Gushegu, displacing nearly 2,000 residents and damaging schools
3 hours -
Friends of Bridget Bonnie Marks her 35th birthday with donation to Kasseh Model Health Centre
3 hours -
From Ekumfi Kokodo to the Pulpit Stage: Essi Donkor’s gospel journey takes shape
4 hours -
Landfilling waste management creates no value, it’s an economic waste
4 hours -
Photos: Speaker Bagbin Commissions MPs constituency office under parliamentary decentralisation programme
4 hours -
Black Stars technical advisor Winfried Schäfer sacked as GFA shakes up backroom staff
4 hours