Tullow Oil Plc on Tuesday listed its shares on the Ghana Stock Exchange becoming the most capitalized equity on the bourse. Tullow, which is trading under the symbol TLW, listed 903.8 million shares with a market capitalisation of approximately 28.18 billion
The listing more than doubles the entire market capitalisation of the Ghana Stock Exchange and makes it one of the largest Stock Exchanges in sub-Saharan Africa, outside of South Africa and Nigeria.
Speaking at a short ceremony to list the shares, Mr Kofi Yamoah, Managing Director of the Exchange said the listing of Tullow would bring visibility to the country and adds the attraction of the bourse.
“It will significantly add to the attraction of our stock market and by extension Ghana, to both local and Non Resident investors around the globe,” he said.
According to him, the listing was a major and positive social responsibility signal that Tullow was sending to the rest of companies doing business in Ghana and called on other corporate entities to take a cue from Tullow’s achievement and sense of social responsibility.
Mr Yamoah said the transaction would also help to raise the professional capacity of the market operators as they would have to
continuously provide information to the market and Ghana non-resident
He said the Exchange was very much poised to address the supply side and the liquidity difficulties in order to position the exchange forpension and other funds to flow through the market to entities that
were safe and provided reasonable returns.
Mr Ian Springett, Chief Financial Officer Tullow Plc, said the secondary listing of Tullow shares would give Ghanaian investors, the opportunity to invest in the company’s operations across Africa and
also in the UK, in Europe, Asia and South America.
He said Ghana was at the heart of Tullow’s investment decisions underpinning its presence in Africa and the wider business. “But the speed of the jubilee project and our ability to list on this exchange is only possible because of the business climate that Ghana has engendered and the ‘can do’ attitude of the Ghanaians,” he added. Tullow shares ended the session up 0.08 cedis to 31.08 cedis.
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