Managing Director for Ghana Stock Exchange (GSE), Kofi Yamoah
Managing Director of the Ghana Stock Exchange (GSE) Kofi Yamoah says he doubts report that Agricultural Development Bank (ADB) is working to delist from the market.
This follows an earlier report by JoyBusiness that the new majority owners of ADB are looking at pulling the bank off the market. But Mr.Yamoah said he does not think this would happen.
He said, “I have been privy to conversations the capital requirements are concerned which I believed that before December 31, 2018, they (ADB) would be able to meet that deadline and I also have privy to the conversation that the company would continue to be a listed company and so I have no doubt…”
Minimum Capital Requirement
Meanwhile, ADB is moving fast to ensure that it meets the new capital requirement of GHS 400 million.
The Bank is, therefore, seeking to hold an extraordinary general meeting next week to seek shareholders’ approval to raise the required funds to meet the capital level put forth by the Bank of Ghana before the December deadline.
It is also hoping to use other capital raising methods to raise the needed capital to cover any shortfall that may result from the rights issue.
ADB is also looking at the conversion of a subordinated debt of GHS150, 000,000 owed the Bank of Ghana into equity as part of the capital raising process.
For more news, go to myjoyonline.com
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Dan Soko is a short story author and web content editor. He has work appearing or forthcoming in over a dozen venues, including GhanaScoop, Nigeria Daily News and CapitalBay. When he’s not frightening strangers with his post and writing, he’s most likely frightening his wife Mimi and their two mischievous cats: Buttons and Snaps. You can visit him at www.ghananation.com/author/webby.