- Initial offering to restart in early December, go into 2016
- Lender has dealt with all outstanding legal issues for IPO
Agricultural Development Bank Ltd. of Ghana will reopen its initial share sale early in December after resolving a legal dispute that put the sale on hold for three months.
The lender is finalizing documents necessary to restart the 400 million cedis ($104 million) offering that will likely last until early 2016, Solomon Adu Atefoe, marketing and communications manager, said in an interview in the capital, Accra, on Tuesday. Bids for shares before the delay will be honored, he said. The government owns 52 percent of the company.
Opposition lawmakers and a workers’ union tried to block the sale this year, accusing the lender of not seeking approval from Parliament and not negotiating terms with bank employees. There are no more legal issues to deal with and the sale will go forward, Atefoe said.