Mega African Capital Limited (“MAC”) announced that it has allotted 1,333,334 ordinary shares of GHS 3.00 each in the capital of MAC (“Shares”), which rank pari passu with the existing 7,308,135 ordinary shares in issue, pursuant to the offer for subscription of up to 1,333,334 (the “Offer”) in connection with MAC’s listing on the Ghana Stock Exchange (“GSE”). This is the first ever listing of a Company which invests in equities across Africa and the real estate sector in Ghana. IC Securities (Ghana) Limited was engaged by MAC as Financial Advisor and Sponsoring Broker on this landmark Transaction
The Offer was opened between 10 March and 28 March 2014 with 1,333,334 shares offered at GHS 3.00 per share. During this period, 30 valid applications were received for 1,333,334 Shares representing a total amount of GHS 4,000,002. The listing and the first day of trading of Shares on the GSE was on 23 April 2014.
Comment by Mr. Kwesi Amonoo-Neizer, Managing Director,:
“I am delighted by the success of our offer; this is the first Company that
invests in equities across Africa and the real estate sector in Ghana to list on the GSE. I look forward to updating all our shareholders with news of our progress, both in Ghana and beyond, over the coming years.”
MAC was established as a company for high net-worth shareholders seeking exposure to African opportunities with the potential to generate high returns. The Company’s objective is to provide long-term capital growth primarily through investment in selected African assets. This transaction has broadened the investor base of Mega African Capital Limited.
MAC has, since its inception, invested some of its capital in securities in some selected African countries. MAC currently has investments in Ghana, Malawi and Tanzania. Additionally, the Company has invested in real projects in Ghana.