FLOATING OF SHARES GAINS GROUNDS IN TWIN-CITY (PAGE 25)

FOR the past few years, Takoradi has witnessed a profileration of banks, as well as non-bank financial institutions, to assist the people in the city to access credit facilities to grow and expand their businesses.
This has significantly contributed to many business activities flourishing in the city.
But the new trend of business activity that has not been the characteristic of Takoradi and other regional capitals in the country is now snowballing into business activities in the twin city. This is the launch of public share offers for people to purchase shares from government and private companies, as well as bank and non-bank institutions in the country, to become shareholders of the companies and the financial institutions.
Many years ago, companies and financial institutions, that wanted to go public launched their share offers in Accra, but on limited occasions in Kumasi.
But of late, the management of these companies and the financial institutions that want to float shares have deemed it very prudent to go outside Accra so far as the launch of their shares are concerned.
Last month, Ecobank Transnational Incorporated launched its US$2.5billion share offer at the Shippers Council offices at the Takoradi Harbour to increase the shareholders’ funds.
On Thursday, October 2, 2008 the UT Financial Services Limited, an indigenous company, also launched its public share offer at the Raybow Hotel in Takoradi for the sale of 90,293,000 ordinary shares of no par value at 30Gp per share. UT hopes to raise about GH¢27million, and it is expected that more companies and financial institutions that want to float shares would take a cue from the two companies that have launched their offers in Takoradi.
Speaking at the launch of the UT share offer, the Chief Executive Officer (CEO) of UT Financial Services Limited, Mr Prince Kofi Amoabeng, said the company had come a long way in its business operations in the country.
He said the company was trying to help those who were not being helped by the commercial banks to obtain credit facilities to do their businesses.
Mr Amoabeng pointed out that the company owed its successes to the general public and wanted Ghanaians to share in its joy and success.
According to the CEO, there was absolutely no risk in purchasing the shares, adding that, "I want your money to create more jobs and put food on people’s tables."
The Anglican Bishop of the Sekondi/Takoradi Diocese, the Rt Rev. Col. Kwamina Otoo (retd), who launched the share offer, said the seed that was sown by the company was not neglected, but was rather nurtured to bear fruits.
He said the company did not want to be selfish and, therefore, advised the public to sow through the purchase of the shares, since what they would buy would not go waste.
The Director of Operations of the company, Captain Budu Koomson (retd), explained that the management of the company was trying to understand the environment within which they operated to enable them to develop the processes that would help them to deliver. "Once we have the speed and the trust, we can deliver," he said.
He said the management was seriously thinking about expanding the activities of the company to other regional capitals and towns in the country.
"We intend to open nine branches outside Accra in the year 2010 in Sunyani, Ho, Nkawkaw and others."
He said if the company was able to grow its capital base, it would be able to provide bigger loan facilities.
Capt Koomson said there was an influx of financial institutions in the country, and that had heightened competition that would bring the best out of them.
He said the company needed to go further and do more than the granting of loans.
The Director of Finance and Administration of UT Financial Services, Mrs Pearl Esua-Mensah, explained that the company had not grown in a vacuum, but within the stable economic growth of the country.
She said there had been stability in the interest and the exchange rates, as well as in politics of the country, which had gone a long way to facilitate the operations of the company.
"We are consistent in our delivery and we use capital invested in the company efficiently and profitably," she said.
The Takoradimanhene, Osahene Katakyi Busumakura III, said UT Financial Services was an example of what an indigenous company could do, and expressed optimism that the company could expand to other countries in Africa.
He said the company had come to Takoradi at the time there was an oil find in the Western Region, advising the company to position itself well for the oil business.