Plans by ADB to list on the Ghana Stock Exchange (GSE) before the end of the first half of this year might not be realized.
This is because the Securities and Exchange Commission (SEC) has directed the bank to return about ¢438 million raised from the Initial Public Offering (IPO) to Investors.
According to a Statement from the Commission, it took the decision after ADB, itself decided to reject the applications of all investors who bought it shares during the IPO at a price of GHC2 instead of the GHC2.65 quoted in the bank's prospectus during the offer.
SEC in the statement maintained that, base on ADB's decision to reject the applications, that Bank will not be able, to meet the minimum requirement of GHC100 million set in its own prospectus to make the Initial Public Offering successful.
ADB has also disclosed to the Commission that of its intention re-launch the IPO. They are however required to submit a new offer document to SEC for approval.
ADB earlier this year had to seek an extension from the Commission on deadline for listing on the GSE, following challenges in getting some of its major shareholders like the Ministry of Finance to approve the offer results.
It, however, failed to on two occasions to meet the deadline the Securities and Exchange Commission granted, to try and solve its internal problems regarding the IPO results.
