Accra
(Greater Accra) 25 September 2002- Initial public response to the share offer
of the Golden Development Holding Company (GDHC), a limited liability company
set up to provide the impetus to the socio-economic development of Asanteman
and Ghana is progressing steadily.
Dr Kwame
Donkoh Fordwor, Chairman of the Board of the company who said this on Tuesday,
described the patronage of the shares as encouraging and added that the company
was on target of achieving the initial goal to raise about two billion cedis
within the first month of floating of shares.
The public
share offer was launched early in August, this year. The Company, the brainchild
of the Asantehene Otumfuo Osei Tutu II, is seeking to raise about 30 billion
cedis through the sale of 60 million shares out of its total authorised
ordinary shares of four billion cedis at 500 cedis per share.
The money
is to be invested in economic and industrial development in Asanteman and other
parts of the country. The company currently has 808,000 fully paid up ordinary
shares and a preference share being held by the Asantehene.
The funds
raised from the sales would be used to set up a commercial bank to ensure a
sound capital support base to the GDHC to enable it carry out its other planned
economic ventures that are either undertaken solely or in partnership with
others.
Dr Donkoh
Fordwor said the company was using all marketing strategies, especially mass
marketing to get the message to as many people as possible to become part
owners of the company. He asked members of the public to see the company as
purely a commercial venture that would serve the interest of all sections of
the Ghanaian public and not the Asanteman alone.
"We
must discard the idea that the company is meant for the Ashanti people alone;
it is for everybody," he emphasised and added that some individual foreign
investors have also expressed interest in buying shares of the company.
"We
are equally encouraging Ghanaians outside to take opportunity of the offer to
be shareholders in the company." The Board Chairman said the GDHC would
mobilise resources for the private sector to create employment opportunities
and wealth, adding, "let us all put our shoulders together to pull the
wheels of development".
Dr Donkoh
Fordwor said they have obtained permission from the Securities and Exchange
Commission, which has also approved the flotation provided they could generate
10 billion cedis.
"We
are to return to all individual investors if we are unable to meet the target
of 10 billion cedis under the terms of exchange commission," he said. The
sale is opened between now and the middle of January 2003 and the company's
offices are located at the Data Bank, Accra.
GRi…/
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