Accra, March 7, GNA - The Ghana Stock Exchange (GSE) has suspended trading in the shares of the Agricultural Development bank (ADB) effective today, March 7, 2018; following reports of a purported takeover of the bank by Unibank Ghana Limited.
A release issued by the GSE said the decision to suspend trading in ADB’s share had been reached by the Managing Director of the Exchange in consultation with the Chairman of the GSE Council, and in line with section seven (7) of the GSE Automated Trading Rules (ATS).
“This is to allow the GSE clarify news of a purported take-over of ADB. The investing public will be duly informed of the outcome and resumption of trading in the shares of ADB,” the release said.
Media reports said a consortium of financial institutions, led by Belstar Capital, which owned majority shares of about 51 per cent, in ADB had pledged their shares, proceeds, entitlements and voting rights to UniBank, giving it controlling stake in ADB.
The consortium also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL.
A Daily Graphic report however indicates that the Bank of Ghana, which is the regulator of the banking industry will today denounce the ‘takeover’ as null and void, since UniBank as an entity, did not have a majority shareholding in ADB, and was without permission from the regulator.