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MTN To Offload 35% Shares

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The Ghana Stock Exchange (GSE) has confirmed that telecom giant, MTN will be launching a 35% Initial Public Offering (IPO) on the Exchange by end of 2018.

The move will be geared at selling 35% stake in the company to the public.

It is part of the requirement from the National Communication Authority (NCA) before awarding the 4G spectrum to the network in 2015.

Speaking at a the Exchange’s quarterly briefing Tuesday, February 13, 2018, the Deputy Managing Director of GSE, Ekow Afedzie said the offer document for the IPO has been presented to the Ghana Stock Exchange for perusal, adding that, very soon the company will be launching its IPO.

The Managing Director for the GSE, Kofi Yamoh told Starr Business’ Osei Owusu Amankwaah that, “MTN’s listing among others will give 2018 a better performance than 2017.”

MTN Ghana spent $67.5million to acquire the 4G spectrum license for the next 15 years.

The telecoms company is hoping to raise about $500 million in order to offload 35 percent of its business in Ghana to locals.

If the listing on the stock exchange is successful, MTN Ghana would be exempted from the capital market local content policy which enjoins companies operating in specific areas including telecom, mining, oil and gas to list a minimum percentage of their shares on the Ghana Stock Exchange within 5 years of commencement of operations in Ghana.

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DUSK Capital Unveils Investment Drive #CONQUERYOURFEARS

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Leading financial institution, DUSK Capital, has finally unveiled its #ConquerYourFears campaign, aimed at reigniting the spirit of investment in the banked and unbanked public.

At an event held in Accra on Friday, the Ridge-based firm finally debuted what has become a socially progressive initiative on conquering fear when it comes to investment.

The launch crowned months of changing the narrative about fear and what it does to one’s aspirations. The campaign had massive endorsements from leading public figures and ordinary Ghanaians, some of who were present at the launch.

Addressing the gathering, Chief Executive Officer of DUSK Capital, Bernard Osei-Tutu said the campaign became necessary due to the fear most people had with maintaining a resolute investment attitude.

“As an investment bank, we realized that one of the biggest problems among the populace when it comes to investing money is fear. The fear of losing money inhibits many people from investing,” he said.

Osei-Tutu added that: “All of us, whether young or old have one fear or the other that holds us back; that inhibits us from taking that step in accomplishing our full potential…the Fear of failure, the Fear of being rejected, the Fear of being disappointed, the Fear of not living up to the expectation of others, the Fear of not being good enough and the list goes on.

“As a caring brand, we thought to ourselves, how can we provide that motivation, that confidence to help people achieve whatever dream they have? #ConquerYourFears is about confronting fear. It’s about overcoming all fears.

“We at Dusk Capital are excited about helping people to conquer their fears of investing and opening the doors into a brighter future.

“We encourage you to invest in your future by investing with Dusk Capital and enjoying the joy that comes with it.”

Dusk Capital is incorporated, duly licensed and regulated by the Securities and Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA) to conduct business in Fund Management, Investment Banking, Private Equity, Corporate Advisory Services and Pension Fund Management. Dusk Capital uses strong product knowledge, innovative financial and capital market power to assist institutions and corporate clients in accessing local and global markets.

 

Source: Starrfmonline.com

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SEC’s Minimum Capital Requirement Hike Apt – Dusk Capital CEO

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The CEO of Dusk Capital, Bernard Osei Tutu, has described as apt plans by the Securities and Exchange Commission (SEC) to increase the minimum capital requirement of investment banks from ¢100.000.00 to ¢5million.

SEC, Starr Business has gathered, notified all investment banking firms in the country of its intention.

SEC is expected to make an announcement soon and will give timelines for the firms to meet the capital requirement or lose their license.

The proposed increment will be the biggest percentage increment the investment industry has witnessed in more than two decades.

Speaking to Starr Business’ Osei Owusu Amankwaah, Osei-Tutu observed that the move was to ensure that “we [investment bankers] have the right resources because banking or the financial market is not a cheap market.”

“You need to have that financial muscle to be able to do what you are doing well. Hence, the capital requirement is very critical. For any banking institution you need to be very solvent and you need to be very liquid.

“If you don’t have that financial muscle…it is a simple matter, you don’t deserve to be in that industry. It is as simple as that,” he added.

Describing the move as a “good call” the Dusk Capital CEO opined that the increment from ¢100.000.00 to ¢5million was “just to say that if you are not ready and  you don’t have the financial muscle to operate in this industry, then you don’t need to be there.”

“…I support that [increment] and we at Dusk Capital are ready to commit all the resources that we have to make sure that on a capital front we are duly capitalised and we are able to meet all insolvency issues that come up across,” stressed Osei-Tutu

 

Source: Starrfmonline.com

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Start-Ups To Enjoy A 3-Year Tax Holiday – Awal Mohammed

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Start-ups and entrepreneurs operating in the country will soon breathe a sigh of relief with the coming in of a three-year tax holiday.

This initiative, according to the Business Development Minister, Awal Mohammed, forms part of government’s agenda, to support entrepreneurs create jobs to help reduce the unemployment rate.

Challenges that continue to plague entrepreneurs include lack of access to credits, access to markets, the stressful bureaucratic business registration processes among others.

Speaking with Ultimate Business after meeting with entrepreneurs in Kumasi, the Minister explained that with the tax holiday, entrepreneurs “can plough back their profits to expand”.

“We think that start-ups need some space to grow. The essence of all these is to create jobs for our people and improve livelihoods. We want to encourage that when start-ups take off, for the first three years, they need not pay taxes.

“They will plough back their profits, they expand their business and they can employ people. We’ll also help them with markets because there’s no point having a business that you cannot sell,” he said.

He continued that “another policy that we want to look at is that, 10 per cent of public funded projects or businesses should go to start-ups and that already give them the market to grow. It is not yet a policy but something that we’re pursuing.”

The Business Development Minister also revealed that government will from July this year begin disbursing some $10 million to some young entrepreneurs who have undergone training to create businesses.

He further made special mention of the contribution of women and persons living with disability to the business community, thus equally supporting to grow faster.

“We’ve trained close to 10,000 young people across the country and out of them, we are going to select 700 and give them money. The President has already ceded $10 million and that money will go to support young people in various professions. In July/August we will start disbursing this money.”

“Women constitute 52 per cent of this country and are very good business people. You cannot grow an economy without women participation and so this year we’re going to support at least 1,000 women; we’ll train them and we fund them to do business.”

“When we do that, they can expand, employ and improve the lives of people. The President wants to make sure that Ghana grows inclusively to make Ghana a business environment for Africa.”

The Kumasi Entrepreneurs Meet-Up was organized by the Kumasi Hive in collaboration with the Konrad Adenaeur Stiftung, the Ministry of Business Development and the Delegation of German Industry and Commerce in Ghana.

It was held under the theme: Enhancing Ghana’s Entrepreneurs and Start-ups; Elements of a Future Strategy/Policy by the Ghanaian Government.

In attendance were start-ups who are in technology, food and agriculture, energy, health, clothing, communication, education among others.

 

Source: Ultimatefmonline.com

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