Hords launches IPO to raise GH¢40m
HORDS Limited, an indigenous agro-processing company, has launched an Initial Public Offer (IPO) to raise funds to expand its business operation.
Advertisement
Known for the production of Brown Gold Cocoa Powder, Hords Limited is seeking to raise an amount of GH¢4 million through the issuance of 80 million ordinary shares at GH¢0.05 per share.
The minimum subscription on offer is 1000 shares at the offer price and in multiples of 500 shares thereafter.
This means that anyone who wants to buy the shares of the company will have to pay a minimum of GH¢50.
Upon a successful completion of the IPO, which will run from June 25 to July 10, 2015, the company would list its shares on the Ghana Alternative Market (GAX) set up by the Ghana Stock Exchange (GSE) to encourage small and medium scale enterprises to list on the stock exchange.
The Board Chairman of Hords Limited, Mr Kobina Nkum Akwa, launched the IPO for the company in Accra.
Company track record
In an interview after the launch, Mr Akwa said the company had a track record to attract a lot of investors and interest groups, as well as individuals, to buy its shares.
According to him, the company is all for competition and will always produce the best to meet consumers’ needs.
He said the company had restructured its business operations and introduced various products on the market.
Mr Akwa stated that as an agro-processing company, Hords added value to agricultural products such as cassava, soya and other non-food products.
Commenting on the introduction of GAX, the board chairman described it as a laudable initiative, and called on small businesses and up and coming ones to take advantage of it.
Future plans
The future prospects of the company, according to the Chief Executive Officer, Mr Harold Otabil, were bright.
Since its establishment, Mr Otabil said the company had focused a lot on research,“and we hope to establish a strong research base in the future to improve our products.”
He stated that Hords was embarking on clinical trials of Soyabetix, one of its pharmaceutical products, in order to improve its efficiency and efficacy in managing diabetes.
He, therefore, called on the general public to purchase the shares of the company “since it has a bright future.”
The Director-General of the Securities and Exchange Commission (SEC), Dr Adu Anane Antwi, expressed delight at the rate at which small businesses were taking advantage of the GAX.
At the moment, he said, the GSE had arrangements with some other businesses which would soon launch their IPOs and subsequently list on the GAX.