Ghana: Agricultural Development Bank raises 450 million cedis through IPO
Wednesday, 20 April 2016 04:43
In Ghana, the Agricultural Development Bank raised 450 million cedis (about $119 million) on the Ghana Stock Exchange through an Initial Public Offering (IPO), the first in about two years.
The offer was overwritten. Ghana stock exchange approved extension of delays and resulted in it being scaled up by 100 million cedis.
From the raised sum, 300 million cedis should be added to Adb’s capital while the remaining 150 million will be used to pay its shareholders and Ghana’s central bank, which owns government’s shares in the bank.
Despite its name, Adb offers various services in terms of financial intermediation (retail banking, corporate banking or business banking even). At September 30, 2015, it had 78 agencies and 91 ATMs.
Idriss Linge
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