Business News of 2014-04-24

Mega African Capital lists on Ghana Stock Exchange

Mega African Capital (MAC) Limited, a private investment company, on Wednesday listed its shares on Ghana Stock Exchange (GSE), becoming the bourses first listing in nearly three years.
It is also the first ever listing of a company which invests in equities across Africa and the real estate sector. The company, which is owned by Accra-based Oak Partners Limited listed 8.64 million shares worth nearly 25 million Ghana cedis.
Speaking at the ceremony, Mr S.K. Yamoah, Managing Director of GSE, said the listing of Mega African Capital Limited would encourage others to list on the bourse.
He said opening up the company to public participation would also afford individuals and institutions the opportunity to invest in the company. Naturally, we want the company to succeed to encourage other companies to also list on the GSE, Mr Yamoah said.
Mr Kwesi Amonoo-Neizer, Managing Director of MAC, said the listing would allow the company to diversify its investment and mobilise long-term funds for projects.
He said the company has high expectations of the opportunities in the Ghanaian market and would leverage on the rich market experience to achieve results. Mr Amonoo-Neizer said the company would aim to attract high net-worth investors looking for African investment opportunities to generate high returns.
MAC was established as a company for high net-worth shareholders seeking exposure to African opportunities with the potential to generate high returns. The Company’s objective is to provide long-term capital growth primarily through investment in selected African assets.
MAC has, since its inception, invested some of its capital in securities in some selected African countries. It currently has investments in Ghana, Malawi and Tanzania.