Court stops adb’s IPO again

The Agricultural Development Bank’s (adb) Initial Public Offer (IPO) has been suspended for the second time after an Accra High Court granted an interim injunction order.
The order was brought against adb by the General Secretary of the Industry Commerce and Finance Workers (UNICOF), John Esiape.
According to the suit cited by Citi Business News, the court has granted a 10-day interim injunction to allow for a substantive case to be heard.
This means adb cannot continue the sale of its shares and also its equity arrangements with Atlas Mara Ltd and Norwegian Development Fund for development fund who are seeking equity shares of 25% and 15% respectively.
“It is hereby ordered that the defendant (ADB), agents, privies, assigns and contractors are restrained from proceeding with the initial public offer of its shares,” the court order stated.
adb is to halt the sale and all other arrangements pending the determination of the suit.
The court granted the interim injunction on Friday July 10 and adb is expected to be served on Monday July 13.
A Member of Parliament Dr Charles Asibey Yeboah earlier went to the Supreme Court over the launch of the IPO but later withdrew the case.

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