SSNIT takes up to 20% stake in ADB with the re-launch of its IPO

SSNIT has indicated that it will take at least 20 percent stake in Agricultural Development Bank (ADB) when the bank re-launches its Initial Public Offering (IPO).

ADB recently disclosed that it will soon return to the market to raise some ¢300 million through its IPO.

This was after it was forced by the Securities and Exchange Commission to refund some ¢400 million cedis it took from the  investing public .

The decision was to take following, the ADB decision to accept a price of 2 Ghana cedis per share during, the public offering, even though it initially advertise, ¢2.65 pesewas.

General Manager  in charge of Investments at SSNIT, Noel Addo says they want to take controlling stake in ADB when the bank goes public again.

According to sources close to ADB, it is working to re-launch its IPO and possibly list on the Market before the end of the year.

JOYBUSINESSS understands COCOBOD could also take a bite of the ADB shares, if ADB, re-launches its IPO.

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