The company is said to begin its long awaited listing on the Ghana Stock Exchange with a public offer on June 13.
According to a statement from the parent company, Tullow Plc, the listing will be two-fold, a share offer of four million new shares and a secondary, rather symbolic public offer of the Group’s shares on the local bourse.
The offer will remain open for three weeks. The shares do not however come cheap.
Interested shareholders would need to cough out some 32 Ghana cedis for a share which is currently trading at a little over 13 pounds in London.
Joy Business has learnt the firm would set an initial price for the offer at the closing price of the London Stock on June 10. The public offer if successful could be the biggest ever on the GSE, even though it is a mere fraction of the UK-listed company.
The company has a total equity of more than 3.3 billion Ghana cedis or 2.3 billion dollars as at the end of 2009.
Officials see the listing as a gesture to affirm that it is in Ghana for the long haul. Investment firm, IC securities would be lead brokers for the offer.
Source: Joy Business/Ghana