Indigenous Company, Samba Foods has officially commenced trading on the Ghana Alternative Exchange (GAX) following a successful Initial Public Offering (IPO).
[contextly_sidebar id=”vI2h6MNL0f07QD1kJkIVum2aUg2SsQ5N”]Samba becomes the first company to list on the alternative market.
The company through its month-long IPO was able to realize its target of GH 2.5 million by offering over 3 million ordinary shares to the investing public.
Management of Samba foods are looking at using proceeds from the share offer for planned upgrade of processing plant facilities and paying-off of existing indebtedness.
Managing Director of Samba Foods Limited, Leticia Osafo Addo is hopeful listing on the GAX will enhance their business.
‘’We are going to get more modern machines to automate some of our processes, use part as working capital to enhance our operations.’’
Speaking further the Samba Foods boss advised SME’s to be transparent in their dealings if they are to list on the money market.
She said ‘’most SME’s are not detailed in managing their companies; the companies are individual entities that need to be treated as such and you must be able to nurture it and let it grow.’’
As at the time trading begun on the Ghana Stock Exchange, Samba foods had gained a pesewa to reach 73 pesewas from the initial 72 pesewas during the IPO with a 1000 shares.
Managing Director of the Ghana Stock Exchange, Kofi Yamoah for his part encouraged SME’s to take advantage of support that the stock market is offering.
‘’We simply created the GAX to meet the special requirements of Small and Medium Scale Enterprises, including start-ups so that such companies can come to the market, grow their business and better withstand the local and international competition.’’
By: Lorrencia Nkrumah/citifmonline.com/Ghana