The Ghana Stock Exchange has suspended the trading of Agricultural Development Bank (ADB) shares on the Ghana Stock Exchange effective March 7, 2017.
A statement from the Ghana Stock Exchange stated, “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,” .
The move according to the GSE is to allow for the clarification of purported takeover of ADB by UniBank, the statement said on Wednesday.
“This is to allow the GSE clarify news on 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 statement read.
Executive Director of UniBank, Clifford Duke Mettle earlier Wednesday confirmed on 3FM’s Sunrise that UniBank had acquired a controlling power over ADB in about a GHS 600 million deal after a consortium of financial institutions that control the majority shares in ADB pledged their proceeds, entitlement and voting rights to UniBank.
Meanwhile, some inside information from the Bank of Ghana suggests that the purported takeover may not hold because UniBank has no authority on its own to takeover another bank.
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