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MMH BECOMES FIRST INSTITUTION TO BE LISTED ON THE GHANA STOCK EXCHANGE
Meridian-Marshalls Holding [MMH], owners of Meridian Pre-University [MPU] and the Marshalls University College [Marshalls] has successfully launched its initial public offer [IPO] on the Ghana Alternative Market [GAX] of the Ghana Stock Exchange [GSE].
The launch which took place on Wednesday, April 22, 2015 at the World Trade Centre has made the MMH the first education-oriented institution in Ghana, and the second institution in Africa [the first being in South Africa], to be listed on the stock exchange.
The Company intends to raise GHc2.5m through the issuance of 25 million new ordinary shares at ten  pesewas per share. Applications for the offer must be a minimum of 10,000 shares worth GHc1, 000 and multiples of 5,000 worth GHc500 thereafter. The offer runs until May 29, 2015. Selling shares at just ten pesewas means that the shares being floated have been deliberately undervalued, proving an attractive proposition for shareholders.
The launch, which was brief but colourful, had all the hallmarks of a typical MMH event: grandeur, harmony, and the presence of the crème de la crème of academia, business and industry. In a brief remark, Mr. Kofi Yamoah, Managing Director of the GSE commended the MMH for capitalizing on the GAX facility which allows SMEs to be listed on the GSE for sustained growth. Mr. Adu Anane Antwi, Director-General of the Securities and Exchange Commission also reiterated Mr. Yamoah’s commendation while urging other SMEs to follow the example of MMH.
Launching the IPO, Mr. Kenneth Ashigbey, Managing Director of the Graphic Communications Group, encouraged the Public to invest in this worthy cause, stressing that these investments would go a long way in improving the nation’s human resource base.
In his speech, Dr. Tetteh Nettey, Executive Director of MMH, revealed that contrary to public perceptions of floatation of shares, Meridian Pre-University and Marshalls have not been liquidated. He said the listing became necessary in order to achieve the company’s vision of expansion and delivery of quality education. “In line with our vision, the operational infrastructure of MMH’s subsidiaries has been designed to be highly flexible and to enable the managers, faculty and students of the institution to adapt quickly to changing market trends,” Dr. Nettey emphasized.
He further disclosed that the amount raised would be used for the development of a lecture hall block, and some used as working capital to augment resources to realize the vision of achieving Ivy League status in academia in the shortest possible time. He also urged the public to acquire shares of MMH since it would sooner than later become the ‘toast’ of investors on the Stock Exchange.
Other dignitaries at the event included David Ganesha Tetteh, CEO of CAL Brokers Limited, Professor Emeritus Dick Rosecky, Marshalls’ first visiting scholar, and Nana Ansah Prem IV, Chief of Akosombo, where Marshalls acquired an estimated 110-acre lake-front property for its permanent site.
Nana Ansah Prem IV opened the offer by acquiring shares amounting to GHc10, 000 on behalf of the people of Akwamu.
For further information on the Initial Public Offer, kindly visit www.mmhghana.com