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23 September 2008Posted to the web 23 September 2008
UT Financial Services has at last launched its eagerly anticipated Initial Public Offer (IPO), to float 90, 293, 3000 ordinary shares, representing 40% shares of the company, on the Ghana Stock Exchange to raise some US$27 million.
The listing of the company on the exchange, will give it a market capitalisation of GH¢63,219,750, while making a strategic entry into the stock market, with a price earning ratio of 14.25, which is lower than all but one of the eight other financial services industry stocks, listed on the stock exchange. The offer is aimed at giving exceptional value to the Ghanaian public, and provides them the opportunity to share the success story, through the creation of wealth from dividend flow, and shareholder value creation.
By going public, P. K. Amoabeng and J. N. Nsonamoah, the two original shareholders of the company (50% each), will shed 40% of their stake, equivalent to 30,293,000 shares, with an additional 10,000,000 shares offer, to increase the capital of the economy.
The Chief Executive Officer (CEO) of UT Financial Services, Prince Kofi Amoabeng, reiterated that since the liquidity of the exchange left much to be desired, "the only way out, is to have a lot more shares, so that we can have shares trading everyday, so that free market determines the prices. That is why UT has taken the leap to enhance the liquidity of the shares, and the stock exchange in general."
He said UT was determined to build on its core values, of growing businesses and to meet the demands of the people, indicating that monies raised from the IPO, would be used to supplement their operations, strengthen their balance sheet, and expand its resource base, for funding of new loans.
Mr. Ken Ofori Atta, Managing Director of Data Bank, indicated that UT's decision to go public bore the testimony of the genius of the Ghanaian entrepreneur.
He intimated that the success of UT on the GSE, would be spurred greatly by the vibrant Ghanaian economy, together with the able and visionary leadership of the company, but not without a word of advice for his bosom friend (Kofi Amoabeng), when he quoted Shakespeare's:
There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, And we must take the current when it serves,
Or lose our ventures," as he moves out to the market with all its hostilities. UT Financial Services will be the first to trade on the newly-automated system of the GSE.
The superiority of UT's financial performance, compared to other financial services/firms, is reflected in the company's second place ranking in the Ghana Club 100, the elite grouping of the country's top 100 corporations, as assessed by the Ghana Investment Promotion Center.
UT was also adjudged the 2nd most respected company, in the maiden most respected CEO and company, while the CEO, Prince Kofi Amoabeng, was voted the most respected CEO by his peers.All these coupled with the strong year on performance of the company, has generated strong anticipation among stock market investors, and market watchers who have predicted that the IPO could be over-subscribed.
UT Financial Services has at last launched its eagerly anticipated Initial Public Offer (IPO), to float 90, 293, 3000 ordinary shares, representing 40% shares of the company, on the Ghana Stock Exchange to raise some US$27 million.
The listing of the company on the exchange, will give it a market capitalisation of GH¢63,219,750, while making a strategic entry into the stock market, with a price earning ratio of 14.25, which is lower than all but one of the eight other financial services industry stocks, listed on the stock exchange. The offer is aimed at giving exceptional value to the Ghanaian public, and provides them the opportunity to share the success story, through the creation of wealth from dividend flow, and shareholder value creation.
By going public, P. K. Amoabeng and J. N. Nsonamoah, the two original shareholders of the company (50% each), will shed 40% of their stake, equivalent to 30,293,000 shares, with an additional 10,000,000 shares offer, to increase the capital of the economy.
The Chief Executive Officer (CEO) of UT Financial Services, Prince Kofi Amoabeng, reiterated that since the liquidity of the exchange left much to be desired, "the only way out, is to have a lot more shares, so that we can have shares trading everyday, so that free market determines the prices. That is why UT has taken the leap to enhance the liquidity of the shares, and the stock exchange in general."
He said UT was determined to build on its core values, of growing businesses and to meet the demands of the people, indicating that monies raised from the IPO, would be used to supplement their operations, strengthen their balance sheet, and expand its resource base, for funding of new loans.
Mr. Ken Ofori Atta, Managing Director of Data Bank, indicated that UT's decision to go public bore the testimony of the genius of the Ghanaian entrepreneur.
He intimated that the success of UT on the GSE, would be spurred greatly by the vibrant Ghanaian economy, together with the able and visionary leadership of the company, but not without a word of advice for his bosom friend (Kofi Amoabeng), when he quoted Shakespeare's:
There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, And we must take the current when it serves,
Or lose our ventures," as he moves out to the market with all its hostilities. UT Financial Services will be the first to trade on the newly-automated system of the GSE.
The superiority of UT's financial performance, compared to other financial services/firms, is reflected in the company's second place ranking in the Ghana Club 100, the elite grouping of the country's top 100 corporations, as assessed by the Ghana Investment Promotion Center.
UT was also adjudged the 2nd most respected company, in the maiden most respected CEO and company, while the CEO, Prince Kofi Amoabeng, was voted the most respected CEO by his peers.All these coupled with the strong year on performance of the company, has generated strong anticipation among stock market investors, and market watchers who have predicted that the IPO could be over-subscribed.
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