108 billion cedis outstanding in divestiture payments

Commerbank gain pulls market index up

Accra (Greater Accra), 29^th June 99 –

The Divestiture Implementation Committee (DIC) has revealed that 108 billion Cedis is outstanding in balance of payment in respect of divestitures since the programme started in 1989.

In a document titled: Divestiture - Unlocking Ghana's Potential", made available to the media, the DIC said total payments to date is 65.5 billion cedis in respect of 212 divestiture transactions.

These transactions include outright sale of assets, sale of shares, joint ventures, lease and liquidations.

The document said divestitures between 1989 and 1990 amounted to 1,096.4 Million cedis. In 1991 it made 859.5 million cedis. This went up to 997.5 million cedis in 1992 and down again to 695.3 million in 1993.

Between 1994 and 1997 the amount accruing from transactions climbed up from 30,529.5 million cedis to 52,689.3 million cedis and later dropping to 45,784.6 Million cedis.

It said negotiations for Gliksten West Africa Limited's 516 million cedis asset are still going on.

The transactions covered areas such as agriculture, manufacturing, transport, housing and construction, tourism, finance and energy.

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Accra (Greater Accra), 29^th June 99 -

A 100-cedi gain by Ghana Commercial Bank (GCB) on Monday enabled the Ghana Stock Exchange All-Share Index to go up by 10.36 points to open the week at 798.53.

The All-Share Index closed last week's trading at 788.17.

Trading was, however, inactive with other market indicators declining at the beginning of the week.

Volume of shares traded finished down at 49,100 shares from Friday's 55,900 shares but demand went down by more than half from 332,300 shares to 152,200 shares.

Offers ended higher at 2.9 million shares from 2.8 million shares.

Market capitalisation shot up to finish at 3,296.50 billion cedis from the previous 3,280.21 billion cedis.

In the broader market, there were two price changes, one gain and one loss.

GCB earned 100 cedis at 900 cedis while Ghana Breweries Limited (GBL) lost 10 cedis to close the day at 1,880 cedis.

The following are the last prices of listed equities in cedis:

ABL 600

AGC 18,700

ALW 2,700

BAT 380

CFAO 40

EIC 1,990

FML 1,250

GBL 1,880 -10

GCB 900 +100

GGL 925

HFC 750

MGL 225

MLC 200

MOGL 16,800

PAF 300

PZ 850

SCB 22,300

SPPC 230

SSB 1,910

UNIL 1,730

UTC-E 125

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