Kasapreko PLC to list on GSE’s equities market
Kasapreko PLC is working to officially list a part of the business on the Ghana Stock Exchange (GSE).
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Managing Director of the company, Richard Adjei, who disclosed this did not mention what percentage share the company intended to cede to the public but said works were underway to finalise the process for the listing “in a year or two”.
He was answering a question from the Graphic Business on the next steps for the company in the near future at a news conference shortly after the Ghana Stock Exchange (GSE) formally admitted the company’s GH¢600 million note programme to the Ghana Fixed Income Market (GFIM).
The local bourse also officially declared series one tranche one and two totalling GH¢151 million of the programme listed on the market, making it the single largest capital raise on the Ghana Fixed Income Market by a manufacturing company in the country.
Issuance
At an interest rate of 26 per cent, this issuance is structured as a three-year senior unsecured note with a floating rate coupon and bullet repayment of principal at maturity.
It will be issued in tranches to refinance expensive short-term debt, support working capital and refinance capital expenditure.
For the company, this is the first step towards diversifying the funding mix and optimising the maturity structure of its debt funding.
Ownership
Mr Adjei said the products of the company including its flagship, Alomo Bitters, have been widely received and it was time for Ghanaians to own a part of the business as a reward for the confidence reposed in the company and its products over the years.
He said in view of the present harsh global economic conditions of which Ghana was a part, there was the need to diversify sources where capital could be raised to embark on a global expansion drive.
“We are expanding our footprints globally from the present 13 to enter many more countries and we need patient capital to do so. We will not use debt. We will use equity and we find floating a part of the company to potential shareholders as another option that best suits our plan,” he said.
Profile
Kasapreko PLC, which has grown to become one of Ghana’s foremost indigenous companies, has over the past three decades transcended its humble beginnings to emerge as a leading beverage manufacturer in Ghana.
Kasapreko PLC manufactures over 30 different brands for local consumption and exports to 13 countries in Africa, Europe and Asia. The company’s state-of-the-art factories, strategically located in Accra and Kumasi, produce high quality.
