ADB announces listing of 1.3bn additional ordinary shares on GSE

Agricultural Development Bank (ADB) PLC has listed 1,305,729,741 additional ordinary shares on the Ghana Stock Exchange following a successful Renounceable Rights Issue.

ADB, alongside its advisor Petra Securities, praised the public for their participation.

Shareholders approved a record capital injection at an Extraordinary General Meeting on December 28, 2023, to strengthen the bank’s operations.

The move aims to raise capital to address the bank’s reduced minimum paid-up capital, which has been impacted by challenges such as the Domestic Debt Exchange Programme (DDEP) and the banking sector's poor performance over the past two years.