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Business News of Friday, 3 June 2011

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Tullow Confirms Dates For Ghana Listing

Monday June 13, 2011 has been se aside by tullow as the date for its listing on the Ghana Stock Exchange (GSE).

A secondary listing, the company plans to offer some 4 million of its shares in Ghana to give local investors the opportunity to share in the future performance of Tullow’s operations across its global portfolio of assets.

The share price for the offer is to be announced on Monday, June 13 and if the company’s current share price on the London Stock Exchange (LSE) is anything to go by, then local investors should be ready to pick each share at not less than Gh¢32.

The Executive Chairman of Tullow Oil Ghana, Ike Duker explained that Ghana as well as Tullow, have serious growth potential and it was important that ordinary Ghanaians are given the opportunity to participate in the success story of both company and government.

Investors could apply for the shares between Monday, June 13 and July, 4 – representing an offer period of exactly 1 month.

The shares can be applied for through Tullow’s sponsoring broker, IC Securities, any branch of Standard Chartered or Agricultural Development Bank in Ghana or the office of any of the authorized receiving agents.

Tullow Oil PLC is currently valued at almost £12 billion and officials say the share offer is a further demonstration of the company’s long-term commitment to Ghana.. from frank obimpeh alisa hotel accra