GDHC shares progressing

Initial public response to the share offer of the Golden Development Holding Company (GDHC), a limited liability company set up to provide the impetus to the socio-economic development of Asanteman and Ghana is progressing steadily.

Dr Kwame Donkoh Fordwor, Chairman of the Board of the company who said this on Tuesday, described the patronage of the shares as encouraging and added that the company was on target of achieving the initial goal to raise about two billion cedis within the first month of floating of shares.

The public share offer was launched early in August, this year. The company, the brainchild of the Asantehene Otumfuo Osei Tutu II, is seeking to raise about 30 billion cedis through the sale of 60 million shares out of its total authorised ordinary shares of four billion at 500 cedis per share.

The money is to be invested in economic and industrial development in Asanteman and other parts of the country. The company currently has 808,000 fully paid up ordinary shares and a preference share being held by the Asantehene.

The funds raised from the sales would be used to set up a commercial bank to ensure a sound capital support base to the GDHC's to enable it carry out its other planned economic ventures that are either undertaken solely or in partnership with others.

Dr Donkoh Fordwor said the company is using all marketing strategies, especially mass marketing to get the message to as many people as possible to become part owners of the company. He asked members of the public to see the company as purely a commercial venture that would serve the interest of all sections of the Ghanaian public and not the Asanteman alone.

"We must discard the idea that the company is meant for the Ashantis alone; it is for everybody," he emphasised and added that some individual foreign investors have expressed interest in buying shares of the company.

"We are equally encouraging Ghanaians outside to take opportunity of the offer to be shareholders in the company." The board chairman said the GDHC would mobilise resources for the private sector to create employment opportunities and wealth. "Let us all put our shoulders together to pull the wheels of development," he said.

Dr Donkoh Fordwor said they have obtained permission from the Securities and Exchange Commission, which has also approved the flotation provided they could generate 10 billion cedis. "We are to return to all individual investors if we are unable to meet the target of 10 billion cedis under the terms of exchange commission," he said. The sale is open between now and the middle of January 2003 and the company's offices are located at the Data Bank, Accra.