The Ghana Stock Exchange (GSE) could see its first listing of a money transfer company as well as a construction firm soon.
Citi Business News has learnt money transfer company, Samba and ASN Construction Company both under the ASN Holding Group could list on the bourse next year.
The holdings company however indicates it has not concluded on exactly how much it intends to raise.
Chief Executive officer of ASN holdings, Yaw Prince Sarpong however tells Citi Business News it wants to raise capital to put up cheaper houses and expand its money transfer business.
“We are putting up the calculations, the consultants and all the players are putting up the figures”, he said.
According to him “If we are giving out the houses we have, we can go to the stock exchange and then raise money on the back of that funding that we expect to come in.”
Yaw Prince Sarpong indicates plans are far advanced. “The documents are 80% complete. They will be ready very soon. I spoke to the consultants and they said they will come out when the market is more favourable. Most of the investors are closing their books as at this time. We are looking out for when their books begin again”, he said.
Yaw Prince Sarpong tells Citi Business News Samba has been in operations for over a decade but his outfit acquired it about two years ago. He indicates it has seen significant growth since acquisition.
“It used to do about £200,000 a month, in the past seven months, with the little structures, we have been able to move it to about £1.2million a month.”
ASN construction is currently selling about four hundred 2 and 3 bedroom affordable houses in Malijore, Patang and Katamanso.
The Ghana Stock Exchange has seen just the listing of Mega Africa Capital this year though a number of companies like ADB, Vanguard Insurance have been tipped to list.
The market however has not seen significant returns in 2014 compare to 2013 when it was rated the second best performing stock market in Africa having returned over 70%.
The bourse this year has returned about 4.5% while the financial stocks have done about 22% as Monday, 15th of September 2014.
ASN Holdings is a diversified holding company that manages ASN Financial Services Ltd, ASN Construction Ltd, ASN Investments Ltd, Golden Equity Empire Ltd, ASN Global, UK and ASN International, USA.
By: Anim Kwaku Boadu/citifmonline.com/Ghana
