Meridian Marshalls lists on the Ghana Alternative Market
Meridian Marshalls Holdings (MMH) Company, an educational institution, has made its debut on the Ghana Stock Exchange (GSE), with a total amount of Gh¢ 1.42 million from its Initial Public Offer (IPO).
The Company, the first to list an educational institution on the Ghana Alternative Market (GAX) of the GSE, issued a total of 25 million new ordinary shares at its IPO, representing 25 per cent of an outstanding 100,000,000 post offer shares at Gh¢0.10 per share.
The Company succeeded in selling 21 per cent out of the 25 per cent shares offered, and the percentage was presented at its official listing on the GSE on Tuesday when it commenced trading in the name MMH.
The symbolic trading entered by the CAL Brokers was 10,000 shares at 11 pesewas, meaning MMH has already made a Gh¢ 0.01 pesewa gain.
Professor Divine E. K. Amenumey, the Board Chairman of MMH, said the subscription to the company’s shares has been very reasonable.
He said educational stocks had come to stay in Ghana, making the listing on the GSE a novelty, which the Ghanaian market needed to adjust itself to its uniqueness.
Professor Amenumey commended CAL Brokers for shepherding the MMH, and the GES for authorising the shares, and encouraged other institutions to emulate the example to grow their businesses.
Dr Adu Anane Antwi, the Director-General of the Securities and Exchange Commission, commended MMH for the bold step, saying, listing on the GSE would ensure financial liquidity.
He urged Small and Medium Scale Enterprises to embrace the GAX, which had incentives, including less demanding listing requirements for small and medium-sized companies, to make it easier for them to raise capital and ensure the security of their investments.
He urged Ghanaians to learn to share their wealth by owning shares, sharing profits with others and growing businesses together, not only to attract fresh capital, but also for new ideas.
Mr Samuel Appenteng, the Chairman of the GAX Governing Committee, declaring the listing, called for the strengthening of the governing structures of the various institutions under the MMH, and also ensure accountability and transparency in order to maintain the trust of its shareholders. Source: Ghana Web