The Meridian-Marshalls Holdings (MMH) Company, owners of the Meridian Pre-University (MPU) and the Marshalls University College in Accra, has been listed on the Ghana Alternative Market (GAX) of the Ghana Stock Exchange (GSE).
This means that individuals, companies, corporate bodies and institutions interested in being part of the company can buy the shares of the university.
By this, the MMH becomes the first educational institution to list on the local bourse, a move expected to pave the way for the many private universities in the country to emulate.
The MMH is seeking to raise GH¢2.5 million within a period of one year through the issuance of 25 million shares, selling at GH¢0.010 per share.
The minimum subscription on offer is 10,000 shares at the offer price. This means that any person wanting to buy the shares will have to pay a minimum of GH¢100 to own 10,000 shares.
Nana Boafo Ansa Prem IV, the Chief of Akosombo, who represented the Paramount Chief of Akwamu Traditional Area, Odeneho Kwafo Akoto III, made the first subscription of GH¢10,000 on behalf of the chiefs and people of the area.
The Managing Director of the Graphic Communications Group Limited (GCGL), Mr Ken Ashigbey, launched the Initial Public Offer (IPO) for the MMH.
There are currently 35 companies listed on the GSE with a total market capitalisation of approximately GH¢64.55 billion as of December 31, 2014.
Need to buy MMH shares
The President of the MPU and Marshalls University College, Dr Tettey Nettey, urged businesses and individuals interested in the expansion and delivery of innovative and world-class education to patronise the shares of the MMH.
“By buying shares from MMH, you will be part of an institution that is well positioned to be a game-changer in the educational sector, not just in Ghana but in Africa and beyond,” he said.
Reason for the establishment of GAX
In an address, the Managing Director of the GSE, Mr Kofi S.C. Yamoah, said the reason for the establishment of the GAX was to help in the growth of small and medium-scale enterprises or businesses (SMEs) as they were listed on the capital market.
“The GAX serves as an avenue for SMEs to raise long-term capital for growth and future expansion at a relatively lower cost,” he said, adding that such revenues will help in the growth and expansion of their businesses.
To assist SMEs with the initial costs of listing, Mr Yamoah said a GAX-SME listing support fund (GLF) had been set up to pre-finance the preparations towards the capital-raising exercise.