Confusion over ADB-UniBank deal as GSE suspends trading in ADB shares

There appears to be confusion over a purported deal between two banks in Ghana – Agriculture Development Bank (ADB) and UniBank Ghana Ltd.

It is not clear if it is a take-over or not.

News broke this morning March 7, 2018 that UniBank has bought majority shares in ADB, leading some to interpret the deal as a take-over. The dust has hardly settled and the Ghana Stock Exchange (GSE) has issued a press release suspending trading in the shares of ADB on the Exchange with immediate effect.

The tone of the statement shows that even the GSE is uninformed about the matter, because it is yet to clarify.

“With reference to Section 7 of the GSE Automated Trading Rules, the Managing Editor of the Ghana Stock Exchange has suspended trading in the shares of ADB effective March 7, 2018. This is to allow the GSE clarify news on a purported take-over of ADB,” a part of the statement said.

By Emmanuel K. Dogbevi