Dignitaries at the launch
Weston Capital, a limited liability company incorporated in Ghana, has launched an oil and gas fund dubbed, ‘Weston Oil and Gas Fund (WOGFund) to support the drive for local content within the nation’s oil and gas industry.
WOGFund is an open ended mutual fund approved, licensed and regulated by the Securities and Exchange Commission.
Believed to be Ghana’s first sector focused mutual fund, the gas fund seeks to boost growth in income and capital by investing primarily in a diversified portfolio of listed equities and fixed income instruments.
The Chief Executive Officer (CEO) of Weston Capital, Rex Kontor, speaking at the launch of the Fund on Wednesday in Accra, indicated that the fund will fuel local participation in the oil and gas industry by helping build the financial capacity of local companies operating in the sector.
According to him, ‘The fund will also create an avenue for individuals and corporate entities to participate in the success story of the oil and gas industry.’
He disclosed that ‘the Fund is open to the general public and institutional investors. Shares are priced at 20 pesewas per share during the IPO period.’
The minimum subscription is 250 shares.
This means that individuals with a minimum of Ghc 50.00 can make an initial investment in the Fund and consequently in the oil and gas sector,’ Mr. Kontor added.
‘There is no interest on the shares to be purchased, but investors will earn from Net Asset Increase on the share price,’ he told BUSINESS GUIDE.
The Director-General, Securities and Exchange Commission of Ghana, Adu Anane Antwi assessing the role of WOGFUND in deepening Ghana’s securities’ market, observed that the fund will deepen Ghana’s mutual fund market as well help generate more public interest in the oil and gas industry.
Mohammed Amin Adam, Board member of Weston Oil and Gas Fund, said the lack of capacity building and financial support to Ghanaians had impacted negatively on local participation in the industry.
By Melvin Tarlue & Christiana Mpra Agyei
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