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Comet to raise GH¢62m from public for expansion

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Comet Properties Limited, a real estate developer, has launched its Initial Public Offer (IPO) to raise GH¢62 million through the sale of 61.8 mil­lion shares at GH¢1.00 per share.

When the offer goes through, it will be list­ed on the Ghana Stock Exchange and will become the first real estate firm to list on the Accra bourse. The company secured a provi­sional approval from the Ghana Stock Exchange in March this year.

The company’s shareholders would also become the first in the country to access the newly introduced electronic certification intro­duced by the GSE to replace the old paper certificates.

Speaking at the launch of the IPO, the Executive Chairman of Comet Properties, Nana Odeneho Kyeremateng, explained that the real estate develop­ment “is a huge capital investment and one man cannot do it alone” hence, the need for the IPO to enable the company to raise the needed capital to finance its home properties as well as ensure that middle-income earners were able to afford houses.

Nana Kyeremateng said, “If Ghana is seri­ous about growth and development, then real estate is the way forward for us” and assured that the company was committed to ensuring high standards in property business.

The Managing Director of the GSE, Mr Kofi S. Yamoah, said Comet shares came on the back of the automated systems embarked upon by management, making Comet the first company to be listed post automation of the stock market.

With this new initiative, he said, share­holders would receive information on their shares via e-mail and text messages, unlike the initial paper certificates which were issued to shareholders.

Mr Yamoah was optimistic that the real estate company’s first access to the electronic certification would help ease up the difficulties associated with shareholders demands and access to information concerning the perfor­mance of their shares, as well as other relevant information from their brokers.

Source: Daily Graphic

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