Ghana Stock Exchange (GSE) has called for the public listing of Vodafone Ghana after the company acquired 4G licence.
Kofi Yamoah, the GSE’s Managing Director noted that the listing of Vodafone would strengthen the company’s operations in the country.
As part of the requirement for deploying 4G technology, the regulator had a clause in the bidding document that enjoins a winning company to list 25 per cent of its shares on the GSE for the benefit of Ghanaians.
With government owning a 30 per cent stake in Vodafone, which won the bid last year and is set to pay US$30million for the LTE technology, the company’s Chief Executive, Yolanda Cuba, stated that the business has already met this requirement due to government’s ownership.
“We are not listing on the Ghana Stock Exchange. As it stands now, Ghanaians own 30 per cent of the company through the government of Ghana; this far exceeds the percentage required for listing so we have already satisfied that criteria,” she said.
Vodafone acquired the spectrum at a cost of USD 30 million. MTN, which first acquired 4G spectrum for USD 67.5 million in 2015, was required to float at least 10 percent of its shares to the public.
Vodafone noted that through the government, the people of Ghana already own 30 percent of the company, hence there is no compelling reason to list on the stock exchange now.
Edited by Fundisiwe Maseko
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