By Kofi AHOVI
Comet Properties, a real estate developer, has received approval to list on the Ghana Stock Exchange (GSE).
The approval, from the Securities and Exchange Commission (SEC), regulators of the capital, would enable Comet Properties to raise about GH¢62 million from institutions, as well as the general public.
The company plans to launch the Initial Public Offer (IPO) in November, this year. Comet Properties, which got its provisional listing on the GSE late last year, would be the first estate developer to list on the bourse if the IPO is successful.
Provisional listing was introduced to the Ghanaian stock market a couple of years ago to help small and medium companies list on the exchange. Companies have to complete all processes to get fully listed on the exchange within 18 months after provisionally listing on the exchange.
The company, which started operations in 2002, is ranked as the 47th company in the Ghana Club 100 magazine.
Since its inception, the company has built 200 houses, with another 200 which are at various levels of construction. It has a 2,000-acre Hillside Estate Project at Brekusu, near Ashongman in Accra.
The company’s products have been well patronized by the general public. It is in this regard that the business has acquired another 1,500-acre site at Obosomase on the Akwapim Hills in the Eastern Region.
Comet is a prominent member of the Ghana Real Estates Developers Association (GREDA).
Comet Properties, a real estate developer, has received approval to list on the Ghana Stock Exchange (GSE).
The approval, from the Securities and Exchange Commission (SEC), regulators of the capital, would enable Comet Properties to raise about GH¢62 million from institutions, as well as the general public.
The company plans to launch the Initial Public Offer (IPO) in November, this year. Comet Properties, which got its provisional listing on the GSE late last year, would be the first estate developer to list on the bourse if the IPO is successful.
Provisional listing was introduced to the Ghanaian stock market a couple of years ago to help small and medium companies list on the exchange. Companies have to complete all processes to get fully listed on the exchange within 18 months after provisionally listing on the exchange.
The company, which started operations in 2002, is ranked as the 47th company in the Ghana Club 100 magazine.
Since its inception, the company has built 200 houses, with another 200 which are at various levels of construction. It has a 2,000-acre Hillside Estate Project at Brekusu, near Ashongman in Accra.
The company’s products have been well patronized by the general public. It is in this regard that the business has acquired another 1,500-acre site at Obosomase on the Akwapim Hills in the Eastern Region.
Comet is a prominent member of the Ghana Real Estates Developers Association (GREDA).
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