New Case Finance

Ghana Stock Exchange (GSE) has managed to restore its website after it was hacked early Monday.

Confirming the hack, the GSE in a statement said, “This morning around 6:20am the Ghana Stock Exchange (GSE) had news of hacking of its website. The GSE IT team checked and realized that the homepage of the GSE website has been defaced with an image of a skeletal skull and thigh bones in green colour on a black background with a text indicating - Hacked by Ali3x3w0rm.

The hacking did not impact on any underlying data (database, images, text) of the website.”

The statement said, “The website is entirely different from the core trading application and related IT infrastructure. It must be emphasized that the hacking incident reported today did not affect any of the GSE core trading application or related IT infrastructure.”

The GSE therefore wishes “to assure all its stakeholders and investors that steps have been put in place to monitor the website and other IT infrastructure of the GSE to ensure market security and safety.  Additional steps will be taken as and when necessary.”

Source- MyJoyBusinessNews

Managing Director of Ghana Stock Exchange (GSE), Kofi Yamoah has stated that the exchange has put in place a number of measures to encourage companies to list on the Ghana Alternative Market (GAX).

This follows some concerns that the patronage of the main exchange and in particular is very low, but speaking to JoyBusiness, he explained some factors underpinning this low patronage of the Ghana Alternative Market such as the cultural mindset where some entrepreneurs prefer to own 100% of their companies. He was of the opinion that with time this mindset will change.

Mr Yamoah also outlined a number of measures the GSE is putting in place to encourage smaller companies with a potential for growth to list on the exchange.

“We’ve stepped up our education not mass media but targeted education. Targeted at the companies that potentially can be listed on the GAX. We have what we call sessions with potential companies and we do that regularly,” he said.

He added that the exchange apart from education has also put in place a listing support fund which companies interested in listing on the GAX.

“When a company decides to use the market, we will provide a support fund where they can tap into, pay the upfront advisory cost of preparing to come to the market so that when they go to the market and raise the money from the offer they can pay us back at no interest,” he stated

The GAX is a parallel market operated by the Ghana Stock Exchange. It focusses on businesses with potential for growth. The GAX accommodates’ companies at various stages of their development, including start-ups and existing enterprises, both small and medium.
Macroeconomic outlook

He again added that for a sustained uptick in activity on the stock market, the macroeconomic fundamentals such as inflation, exchange rate among others should hold so businesses will have the ability to forecast their growth better and give investors much confidence to invest in a range of products in the financial markets

Source- MyJoyBusinessNews

IT firm, Clydestone (Ghana) Group has stated it will not be pursuing a delisting from the Ghana Stock Exchange despite the regulatory challenges it faced in August 2017. 

This was disclosed by the Group CEO of the company, Paul Jacquaye when the company took its turn at the Ghana Stock Exchange’s (GSE) Facts behind the figures in Accra.

“Delisting is not something we are going to do. We believe that in giving value to shareholders you must obviously come out with good results, you must come out with increased profits, give them dividends and one thing you shouldn’t forget about is capital appreciation,” he said.

Mr Jacquaye believes that with time there will be a sustained buying and selling of shares of Clydestone which would lead to good movements in the share price with a positive outlook. 
The share price of Clydestone according to the GSE Stock Feed was trading at 0.03 pesewas.

On August 25, 2017, the GSE announced that African Champion Industry Limited (ACI), Clydestone (Ghana) Limited (CLYD), Golden Web Limited (GWEB), Pioneer Kitchenware Limited (PKL) and Transaction Solutions Limited (TRANSOL) had been banned from trading.

The companies had been suspended according to the GSE because they failed to meet their continuing listing obligations in spite of several promptings to do so.

However, a press release dated August 28, 2017, stated that “The Ghana Stock Exchange has, with immediate effect, lifted the suspension in trading of the shares of Clydestone (Ghana) Limited (CLYD) and Transaction Solutions (Ghana) Limited (TRANSOL) that was imposed on the two companies.”

According to the bourse, at that time, Clydestone (Ghana) Limited CLYD and TRANSOL had rectified all the anomalies that led to their suspension.

Mr Jacquaye also expressed his unhappiness with how the GSE handled their challenges and explained how it had negatively affected the reputation and image of the company.

“For us, that statement was damaging to us and to our reputation because our foreign partners picked up on it,” he said.

He suggested that there could have been more engagement between the GSE and Clydestone so the GSE could better understand where the company was heading and what steps it had been taking to improve performance.

He also added that the company will wait for the press release from the GSE on the company’s financial position.

Source-MyJoyBusinessNews

Securities and Exchange Commission (SEC) has indicated that it would soon take action on the operations of the gold-buying firm, MenzGold.

According to SEC, it has not given the firm any license to operate.

This follows leaks that the company’s dealings could be likened to derivatives trading which requires approval from the Securities and Exchange Commission. 

In an interview with JoyBusiness, Director General of SEC, Rev. Daniel Ogbarmey Tetteh said, “MenzGold doesn’t have a license from SEC and I think we have put out a notice to that effect.”

He said, “We have some people asking about MenzGold and we did say that they don’t have a license from SEC.”

I can tell you that SEC hasn’t issued any license to MenzGold. Their operations have been looked at and I believe at the right time the necessary directives would be given,” he added.

Other regulatory actions

The Bank of Ghana has also indicated that it would soon take action against the said firm as it is dealing in unlicensed “deposit-taking.”

The Minerals Commission and Ministry of Lands and Natural Resources have all told JoyBusiness that the license given to MenzGold only allows them to buy and export gold.

It is, however, unclear the action to be taken by the Securities and Exchange Commission (SEC).

Source- MyJoyBusinessNews

Telecoms giant, MTN has officially launched its Initial Public Offer as the company seeks to raise about GH¢3.47 billion.

The offer is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018.

MTN is hoping to sell each share at GHp75 by issuing 4.6 billion shares.

MTN has also pegged the minimum amount to be raised under the offer at GH¢347 million. This amount, if secured would make the offer successful. 

Investing public can also buy their shares from some selected banks and through mobile money.

Speaking at the launch of the IPO, Vice President of Southern, East Africa and Ghana, Ebenezer Asante said, “Today our localization has gone beyond just getting a few investors to have a share of the company. The exciting thing about this offer is that we are seeking to get as many Ghanaians as possible to invest in MTN Ghana.”

Mr Asante added, “With this public offer, we are challenged to ensure that MTN Ghana remains a profitable, robust and sustainable digital company that will continue to provide excellent services to all Ghanaians.”

Source- MyJoyBusinessNews

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