GOIL begins IPO Sept. 4

Ghana Oil Company (GOIL) will launch its public offer to list on the Ghana Stock exchange on September 4th. The offer, which will afford private and corporate investors to buy into the oil company, received approval from the Securities and Exchange Commission (SEC) last Friday.

The public offer is for an unrestricted open cash share offer which will put up a total of eighty nine million, one hundred and fifteen and one hundred and eighty seven shares valued at 20 Ghana pesewas and is expected to last till October 5th, 2007.

The decision to list on the exchange is in line with government’s policy of reducing its involvement in the running of commercial entities and releasing state-owned enterprises from its control.

With the discovery of oil in the country, it is being estimated that the offer will attract huge patronage from investors.

The company is also expected to use the flotation ton recapitalize for the modernization of its stations and expand its business.

Merban stockbrokers and SDC brokerage services are the lead brokers for the flotation GOIL enjoys an average market share of 18.1% and is the leader in the retail business.