Comet goes public

With Daniel Nonor

Comet Properties Limited, a wholly owned Ghanaian real estate developer has launched its Initial Public Offer (IPO), to raise GH¢62 million through the sale of 61.8 mil­lion shares, at GH¢1.00 per share.

The company secured a provi­sional approval from the Ghana Stock Exchange in March this year. The share is made up of 54,095,972 new shares to be issued from authorised shares, and 7,727,996 ordinary shares being offered by existing shareholders.

According to the company, the objective is to increase the company’s capacity to deliver housing units to the public, retire long term debts, set up and/or expand downstream facilities of the company.

The Managing Director of the GSE, Mr Kofi S. Yamoah, said Comet shares came on the back of the automated systems embarked upon by management, making it the first company to be listed on the automated platform of the Ghana stock Exchange.

He explained that with the new platform share­holders would receive information on their shares via e-mail and text messages, unlike the initial paper certificates which were issued to shareholders.

The Executive Chairman of Comet Properties, Nana Odeneho Kyeremateng also emphasised that the provision of housing facilities for the citizens of the country could be used as the fulcrum of national development stating that real estate is the way forward for us.

He, however, assured of the company’s commitment to ensuring high standards in property business.

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