Accra, Jan. 12, GNA - Only 5.8 billion cedis had so far been mobilised from shareholders by the Labour Enterprise Trust (LET), a holding company.
The amount is about a fifth of projected working capital of 25 billion cedis earmarked for the start of the company through contributions of 50,000 cedis each from 500,000 expected shareholders. Mr Dennis Vormawor, the company's Executive Secretary, told the Ghana News Agency Business Desk that although the operations of the company had been constrained by insufficient working capital, it was on course on delivering good dividends to its shareholders through its investments in the next few years.
The company has 20 per cent shares in the five million dollar City Car Park Limited, a merchanised car parking facility in the Business District of Accra. LET has also established Unique Insurance Company and operates Water Tanker Services as well as a Radio Taxi Service. The Trust has also plans to set up a bank to be called Standard Trust Bank Ghana Limited, with former employees of the defunct Bank for Housing and Construction and other investors.
Mr Vormawor said the car park, which commenced its operations towards the end of 2002, is yet to realize its full potential of raking in the necessary revenue, while the Insurance Company had recorded consistent growth in its performance from initial losses in the first two years of its operations.
The Executive Secretary expressed optimism that shareholders of the company would reap their benefits in the future if the success trends for its investments continued.
There are 99,551 contributors on the company's register but only 96,000 members had been issued with certificates as at the end of last year.
Mr Vormawor said the issuance of certificates to contributors had suffered a setback because of inaccurate data on the payment of contributions.
