Ghana Bourse Picks Advisers to Push 10-Year-Old Listing Plan
The Ghana Stock Exchange’s 10-year-old plan to sell its own shares to investors has moved closer to reality after the bourse appointed Accra-based advisers to handle the deal.
SEM Capital Advisors Ltd. will assess a valuation for the exchange, design a share distribution plan and prepare a prospectus, while the firm of Bentsi-Enchill, Letsa and Ankomah will act as legal advisers, the bourse said in an emailed response to questions.
The exchange, which was founded in 1990 and has 34 listed companies, is seeking capital through the proposed demutualization to improve services and potentially expand the products it offers investors. After three years of declines, its benchmark Ghana Stock Exchange Composite Index has advanced 38% in 2021 in dollar terms, compared with the 15% gain in the MSCI Frontier Market Index.
A start date for the share sale is yet to be determined and the options of a public offer or a private placement are still being discussed, SEM Capital Chief Executive Officer Sam Mensah said by phone. When demutualization was first mulled in 2011, the plan was to offer shares initially to brokerages, listed companies and associate members of the stock exchange, before opening a sale to the public.