Samba Foods listed on Stock Exchange
Samba Foods Limited, an indigenous food and spice processing company, has been listed on the Ghana Alternative Market (GAX) of the Ghana stock exchange (GSE).
This makes the company the first indigenous food and processing company or equity to list and trade on the GAX of the Ghana stock exchange.
The listing has been aided by its successful public offering to raise some GH¢2.5 million shares after floating a little over three million shares which ran from February to March 2015.
Currently, a share of the company is selling at GH¢0.73, meaning that individuals, companies, corporate bodies and institutions interested in being part of the company can buy their shares.
The symbolic tolling of bell for the listing was led by the Chairman of the GAX Governing Committee, Mr Samuel Appenteng, some representatives from the GSE Council and the management of Samba Foods.
Raising long-term capital
Expressing delight at the listing, the Managing Director of Samba Foods Limited, Mrs Leticia Osafo Addo, said the listing would aid the company to raise long-term capital from the market to expand the activities of the company.
She added that the listing would enhance the brand and image of the company, as well as provide an adequate succession plan for the company after her retirement.
In the not-too-distant future, Mrs Addo indicated that the company sought to own an industrial estate comprising processing bays, warehouses and an office complex to effectively respond to the increasing demands on the export market for its products.
GAX as immediate option to SMEs
In an address, the Managing Director of the GSE, Mr Kofi S.C. Yamoah, said the GAX was introduced largely to benefit small and medium-scale enterprises (SMEs) in the country.
“If SMEs utilise the GAX, they will have access to a greater pool of capital, including local private pension funds.
Their businesses will also have greater continuity running into many generations,” he said, urging SMEs in the country to quickly join.
Mr Yamoah stated that SMEs who wished to list on the GAX would not be charged any fees unlike the main board (GSE), except for advisory services.
He, therefore, commended the efforts of Samba Foods and called on small businesses to emulate it to raise enough capital to fund their activities and operations.