Hords begins trading on GSE alternate market

Shareholders of beverage and household cleaning toiletries manufacturers, Hords Limited, can foresee a positive outlook on their investments as the agro-based beverage manufacturing company has gained a pesewa on the Ghana Alternative Market (GAX) few minutes after it listed.

The company launched its Initial Public Offer (IPO) on June 25, 2015 at 5 pesewas a share.

As it stands now, Hords’ shares are trading at 6 pesewas per share on the GAX.

The company listed 80 thousand shares worth 4 million Ghana ceids.

Speaking at the official listing ceremony at the Ghana Stock and Exchange (GSE) Tuesday, Managing Director (MD) of GSE, Mr. Kofi Yamoah, said Hords’ public trading begins immediately after listing on the GAX, adding that it follows Small and Medium Scale Enterprises (SMEs), Samba Foods, Ezwe Loans Limited and Meridian Marshals.

Mr. Yamoah thanked Gold Coast Brokerage (GCB) for hosting Hords and doing full underwriting for it, adding that Hords got all the 4 million Ghana cedis it needed to list on the GAX.

He, however, urged GCB to guide Hords to abide by the laws and rules governing the market.

“I urge Gold Coast Brokerage and Hords to cut cost and boost governance for the sake of shareholders,” he advised.

The GSE MD assured Hords and GCB that they will not be discriminated at the GSE as they will be managed like Goldfields and others.

Mr. Yamoah also used the opportunity to thank the financial media for disseminating news on financial matters to Ghanaians and their support over the years.

For his part, General Manager of GCB, Mr. Benjamin Afreh, admitted that the country will grow if only SMEs are supported.

“When companies like Hords are supported through shares and product purchases, it will help support the local economy,” he said.

He urged other SMEs to walk in the steps of Hords and list on the GAX.

Mr. Afreh also thanked his team at GCB, Hords, the GSE, new shareholders, Groupe Nduom, especially its chairperson, Dr. Papa Kwesi Nduom, for their immense support.

“We should buy made in Ghana goods and support our economy. The country will grow through that,” he remarked.

He said GCB expects investment by shareholders to bear fruits hence they will guide Hords towards that line, especially when they (GCB) are the majority shareholder.

A representative of Hords Limited, Mr. Sydney Casely-Hayford, in his remarks recounted how the usage of Hords products helped him hence his decision to engage the company.

He disclosed that Hords is the first fully underwritten company to list on the GAX and that the company was awaiting certification for the discovery of a cure for diabetes which is at the clinical trial stage.

Former President of the Association of Ghana Industries (AGI,) Nana Owusu Afari, who was also the special guest of honour, affirmed that SMEs have been struggling with capital and technology and that they stand extermination from the foreign markets.

But he was happy GAX has come to help SMEs survive and grow.

He invited more SMEs to also list on GAX for growth potential since they constitute 80% of businesses in Ghana.

Mr. Afari indicated that by their number, SMEs should get access to funds including pension funds.

He disclosed that boards of his companies are planning on listing on the GAX too.

Mr. Appenteng also reiterated the need for good governance and deliberation by Hords’ board to maximise profit for shareholders.

Chairman of the GAX Governing Committee, Mr. Samuel Appenteng, led all managing directors present to toll GSE bell to signify the official listing of Hords.

The listing was graced by CEO of GN Bank, Mr. Patrick Anumel, MD of Ghana Growth Fund Company, Mr. Kwame Ofori Asomaning, a representative from the office of the Vice President, Communications Director of the New Patriotic Party (NPP,) Nana Akomea and a host of others.