The Securities and Exchange Commission (SEC) has frozen all activities covering the initial public offering (IPO) of the Agricultural Development Bank (ADB). The regulator took the action after it received a petition from the bank.
The statement said, "this was due to the inability of the Board of Directors of ADB to approve the offer results submitted by IC Securities..."
Below is the statement:
RE: PETITION AGAINST THE AGRICULTURAL
DEVELOPMENT BANK (ADB)
INITIAL PUBLIC OFFER (IPO)
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, (P.N.D.C.L. 333) as amended, the Director – General of the SEC has caused an investigation into the matter.
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 wishes to assure subscribers to the offer, other stakeholders and the general public that it is committed to ensuring adherence to the Laws, Regulations and Rules of the capital market by all players and that the petition will be dealt with expeditiously to ensure fair and equitable dealings
SIGNED
DIRECTOR – GENERAL, SEC
DATED: MAY 10, 2016
