Sports News of Monday, 26 February 2018
Medeama are set to float shares on the Ghana stock market, the club has announced.
The Mauve and Yellows are currently privately owned by respected business tycoon Moses Armah.
The steel magnate bought defunct Kessben FC in 2010 and have won the FA Cup twice.
However, the club has been riddled with financial difficulties in recent times, leading to the decision to seek for alternative source of funding.
The Tarkwa-based side are hoping to pay down debt through the use of an Initial Public Offering which the owner believes can capitalize on the growing popularity of the club’s brand.
“We want to open up the club to other interested parties and it’s the reason why we intend floating shares,” the club’s Communication Director Patrick Akoto is quoted by the club’s official website.
“The flotation we believe is the surest way of restoring financial stability and ensure we are able to recruit top players and invest in modern infrastructure.
“This is a club with huge prospect and think we should be able to win an Africa inter-club competition in the next three years after the flotation of shares”
He added: “We hope to take off in the shortest possible time after our lawyers finalise the paperwork. There will be a meeting to clarify all relating issues.”
The ambitious Ghanaian club are hoping to be second to float shares on the stock market after Hearts of Oak.