Meridian Marshalls Holdings, owners of Meridian Pre-University and Marshalls College has officially commenced trading on the Ghana Alternate Exchange (GAX) of the Ghana Stock Exchange.
[contextly_sidebar id=”LtHQZvIKMRvcnZcpDczSllQElX8wBOZ0″]The company which listed on the GAX today July 7, 2015 traded 10,000 shares at 11 pesewas per share indicating a pesewa gain at its first trading.
The educational institution during its Initial Public Offering (IPO) offered 25 million new ordinary shares valued at GH 10pesewas per share but realized 21million at a value of GHC 1.425 million out of the GHC 2.5 million it was seeking to raise from the Initial Public Offering.
President of Meridian Marshalls Holdings Company, Dr Tettey Nettey in an interview with Citi Business News after the launch said the listing will enable the company expand its frontiers.
‘’We came to the market to be able to strengthen the internal operations of Meridian Marshalls and to build our infrastructure so this proceeds is going to help us put up a lecture hall and bring in more top notch lecturers’’
The listing of Meridian Marshalls Holdings makes it the first education-oriented institution to be listed in Ghana and Africa apart from South Africa.
‘’We are going to expand our board and bring in different ideas and people from different backgrounds to enable us see some expansion’’ Dr Nettey said.
Commenting on the listing of Meridian Marshalls, the Managing Director of the Ghana Stock Exchange, Kofi Yamoah was hopeful more companies will be encouraged to list on the market.
‘’The idea about the GAX is to attract more SME’s onto the market as they form the bulk of the economy in terms of numbers and employment generation and contribution to GDP.’’
He said SME’s will be better placed to grow and contribute more to the country’s Gross Domestic Product (GDP).
By: Lorrencia Nkrumah/citifmonline.com/Ghana