ADB postpones planned AGM indefinitely

Management of Agricultural Development Bank Ltd (ADB) has postponed a planned Annual General Meeting (AGM) indefinitely. 

The bank’s AGM was scheduled to come off on Wednesday, 18th July.

“The Board and Management of the Agricultural Development Bank (ADB) wishes to inform all
shareholders and the general public that the Banks Annual General Meeting scheduled for
tomorrow Wednesday 18th July 2018 has been postponed until further notice.

The postponement has become necessary due to the order from the Bank of Ghana dated July,
16, 2018 concerning certain shareholders of the bank,” a statement issued by the bank has said.

The statement added, “We wish to assure all our customers that the decision of the Bank of Ghana does not affect our business operations as all our 78 Branches are opened for business from 8:00am-5: 00 pm. A new date for the AGM will be announced later.”

BoG annuls acquisition of ADB shares 

The Bank of Ghana on Monday annulled the acquisition of shares of Agriculture Development Bank held by Belstar Capital, Starmount Development company Ltd, SIC Financial Services Ltd and EDC Investments Ltd.

“The Bank of Ghana considers that Belstar and Starmount are not fit and proper persons and cannot permit them to continue to hold shares acquired directly or indirectly in ADB,” a statement from the BoG said.

According to the Central Bank the annulment “takes effect immediately.”

GSE suspends trading in ADB shares

The Ghana Stock Exchange (GSE) has suspended the trading in the shares of Agricultural Development Bank Ltd.

The move, according to the GSE follows the annulment of acquisition of shares in Agricultural Development Bank Limited (ADB) by the Bank of Ghana.

“The suspension of trading in ADB shares is necessary to prevent: (a) disorderly trading in the shares of ADB; (b) market and/or investor abuse; and (c) investors taking decisions that may make them worse off than would have been the case if they possess more information or clarity on the matter,” the GSE said in a statement.

Trading in ADB shares will resume on Friday, July 20, 2018, the GSE has said