The Securities and Exchange Commission (SEC) says all activities relating to the Agricultural Development Bank (ADB) share offer have been suspended until the determination of a petition before the Commission.
“The decision followed the inability of the Board of Directors of ADB to approve the offer results submitted by IC Securities, the Financial Advisor and Lead sponsoring Broker, who in turn should have submitted same to the SEC on May 6, 2016,” the Commission said in a statement signed by Lawrence Yirenkyi-Boafo, Deputy Director-General in charge of Finance.
It said: “The Securities and Exchange Commission (SEC) wishes to bring to the attention of investors and the general public that it has received a petition from ADB against its IPO, following the inability of the Board of Directors of ADB to approve the offer results submitted by IC Securities, the Financial Advisor and Lead sponsoring Broker, who in turn should have submitted same to the SEC on 6th May 2016.”
Pursuant to Section 8(C) of the Securities Industry Act, 1993, (PNDCL 333) as amended, the Director- General of the SEC has caused an investigation into the matter, the statement said.
In view of this all activities relating to the ADB share offer have been put on hold until the determination of the petition by the SEC.
The SEC, however, assured subscribers to the offer, stakeholders and the general public that it was committed to ensuring adherence to the laws, regulations and rules of the capital market by all players and that the petition would be dealt with expeditiously to ensure fair and equitable dealings in securities on the market.
The primary mission of the Securities and Exchange Commission is to protect investors and maintain the integrity of the securities market.
“As more and more first-time investors begin to look upon the securities market as an alternative investment opportunity and as a means of securing their futures, paying for homes, and educating children, these goals are more compelling than ever,” according to the SEC.