Business News of Tuesday, 29 January 2013

Source: myjoyonline

ALUWORKS to embark on rights issue

ALUWORKS to embark on a right issue next month to raise 30 million Ghana Aluminum smelting firm, ALUWORKS will from next month turn to its shareholders to raise 30 million cedis through a right issue.

ALUWORKS is embarking on this exercise after it secured approval from the Securities and Exchange Commission in December last year. The offer which will begin on February 25 and end on march 22 would offer every shareholder six shares for every share held at a price of GHC0.05.

Managing Director of ALUWORKS , Kwesi Okoh tells JOYBUSIENSS proceeds from the issue would be used to retiring its existing debts, construct a new warehouse, refurbish existing Cold Mill and also finance working capital.

ALUWORKS is optimistic of exciting times for the business when it complete the right issue to clear some . Meanwhile investors have responded positively to news of the right issue as the stock gained 25 percent to close the week as the best performing stock on the Ghana Stock Exchange with regard to capital appreciation.