The listing of telecommunication Company, MTN shares has caused a major boost in the Ghana Stock Exchange (GSE).
GSE recorded a 9.22 billion increment in market capitalization, from GH¢55.97 to GH¢65.19 billion, following MTN’s official enlistment on the Stock Exchange.
MTN now represents about 16.4 percent of the market capitalization of the Ghana Stock exchange.
Speaking at the listing ceremony on Wednesday, the Deputy Managing Director at the GSE, Mr. Ekow Afedzie said the GH¢1 billion raised by MTN is the largest IPO amount raised on the Exchange in its 28 years history.
“Ghana will be counted among the list of African countries that MTN is listed on their market. For us at the exchange, we are delighted again to see such companies raise capital and list because investment in viable business like MTN lead to wealth creation for Ghanaians as well as more job opportunities for our youth,” He stressed.
According to him, the listing would improve liquidity on the market.
Mr. Afedzie disclosed that the Exhange, as part of its strategic plan, would among others facilitate the development of the country as a financial hub in Africa.
MTN becomes the first telecommunication company to have its shares listed on the stock exchange.
The listing means that MTN has officially began trading its shares after a successful Initial Public Offer (IPO) that raised GH¢1.15 billion.
The Chief Executive Officer (CEO) at MTN, Selorm Adadevoh, on his part expressed delight at the achievement attained.
He said “We are adding to more of the first. We are indeed the 1st telecom provider here in Ghana to list on the GSE. In Ghana cedi terms, this IPO is almost double the size of all previous equity IPOs on the GSE put together.”
He reiterated that out of the 128,152 applicants who bought shares in the Initial Public Offer (IPO), 127,826 were Ghanaians.
Mr. Adadevoh assured that MTN would continue to engage all Regulators and their partners to ensure they honor their obligations.
“We will continue to take feedback and criticisms in good faith and turn most of them around for the interest of the country and will continue to act and operate with integrity,” He stressed.
The listing was witnessed by the Deputy Minister of Communication, Vincent Odotei, NCA Board Chair, Kwaku Sakyi Addo, Director General of NCA, Joe Anokye, executives at MTN, and members of the GSE council.
By: Emmanuel Yeboah Britwum