Ghana Stock Exchange suspends trading on ADB over takeover bid

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Ghana Stock Exchange (GSE) on Wednesday suspended trading on the shares of Agricultural Development Bank of Ghana (ADB) due to purported takeover bid.

The exchange in market news by CAL Brokers Ltd, Ghana, a copy of which was made available newsmen in Lagos, said that the suspension followed purported take-over of the institution by Unibank.

It noted that GSE, had in a statement said the action was taken pursuant to Section 7 of the GSE Automated Trading rules.

“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 the shares of ADB effective March 7, 2018,” it said.

The statement said that the action was taken for ADB to provide full information and clarity on the takeover.

“We are taking this action so that ADB provides full information and clarity on the matter including whether the purported takeover complies with the Securities and Exchange Commission and the Bank of Ghana requirements,” the statement GSE added.

Agricultural Development Bank of Ghana, commonly known as Agricultural Development Bank or ADB, is a government-owned development and commercial bank in Ghana.

The bank is the first development finance institution established by the Government of Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator

 

Arinze A