Finance Company Sells 70%Shares

The First National Leasing and Finance Company Limited is selling 70 per cent of its shares to an aggregate equity capital of 10 billion cedis to institutional local and foreign investors.

Mr Kwabena Awuku-Lokko, Managing Director of the company said in a statement that the offer of shares for sale was to enhance capital formation, ensure visibility, create imaging and effectively take a niche on the emergent market.

He told the GNA that the company would generate sufficient funds to be able lease revenue generating equipment, machines and vehicles to individuals, institutions and co-operative societies to fight poverty.

Mr. Awuku-Lokko said the Ghana Poverty Reduction Strategy could achieve a lot and if private companies in the lease business could be identified and supported with the poverty alleviation fund.

If that is done the private companies would ensure that the repayment of loans would be enhanced while making sure that investment in the non-formal sector of the economy picks up to give employment to many, he said