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Tullow to list on Ghana Stock Exchange in July

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Alpha, May 24, 2010.

  1. A

    Alpha JF-Expert Member

    May 24, 2010
    Joined: Aug 30, 2007
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    Tullow to list on GSE in July

    Last Updated: Monday, 24 May 2010, 13:70 GMT Previous Page

    Barley one week after Kofi Yamoah, Managing Director of the Ghana Stock Exchange (GSE) called for legislation that would compel foreign companies to float some of its shares on the Accra Bourse, Tullow Oil has announced its intention to list on the exchange.

    The oil company, which is one of the operators of the Jubilee Oilfields, last week announced at a conference that it would invite Ghanaians to own shares in the company.

    The British firm, which is also expected to list in Uganda, mentioned that it would list on the GSE in July this year.

    Dai Jones, General Manager of the oil firm said it was the company’s agenda to allow the local people to benefit from its business anywhere that it operates.

    According to him, its decision to allow Ghanaians to own part of the company is an indication that it is here for the long haul.

    The offer document must be completed by the Securities and Exchange Commission and GSE to approve the listing, but the amount of shares the company intends to list is however not clear.

    Mr. Yamoah described Tullow’s move as welcomed news since it would boost activities on the market.
    According to him, it was in line with plans to get many foreign-owned companies to cede some ownership to Ghanaians through the stock market.

    Mr. Yamoah recently said it was advocating a local content legislation for the capital market that would compel all multinational firms in Ghana to float some shares on the Accra Bourse to enable Ghanaians share in their fortunes.

    A similar situation took place in Tanzania recently where legislation was passed to mandate foreign firms operating in the country to list on its local bourse.

    Source: Business Guide/Ghana

    Ghana News :: Tullow to list on GSE in July ::: Breaking News | News in Ghana | business

    Good for Ghana. Africans wake up!!!

    The revolution will not be televised!!!

    These companies come in take our Gold, Oil, Diamonds, etc and we get very little in return. Most of the money ends up back in the west. The shareholders that benefit are in the west, The high paid management are all in the west (even the high paid management in the Africa are usually westerners). we get a measely 5% while 95% is repatriated back to their home countries.