The Ghana Stock Exchange (GSE) has approved the application for Provisional Listing of Comet Properties Limited, a member of Ghana Real Estate Developers Association (GREDA).
The application was sponsored by Worldwide Securities Limited, a licensed dealing member of the GSE.
Comet Properties Limited is a real estate development company established in 2002 with the primary objective of construction and delivery into the Ghana property market, functional and comfortable houses.
The company has since developed and delivered to its customers several houses on its maiden 2,000 acre Hillside Housing Estates Project at Brekusu, near the Ashongmang Housing Estates, Accra.
The gross revenue of Comet has registered impressive growth, averaging 107 per cent per annum from 2005 to 2007. Even in a particularly difficult year, that is 2008, the company’s 2007 turnover of GH¢18.27 million increased by six per cent to GH¢19.34 million.
Profit after tax increased from GH¢661,109 in 2005 to GH¢758,311 in 2006. It further increased to GH¢1.83 million in 2007 and then to GH¢2.66 million in 2008. Profit margin for the past four years has averaged 17 per cent per annum.
The company has a strong asset base to support its operations. Total Fixed Assets stood at GH¢227.84 million at the end of 2008. The gross value of its stocks, including serviced plots, building materials and buildings was GH¢114.81 million as at December 31, 2008.
In September 2006, Comet, by a special resolution, converted from a private company to a public limited liability company and adopted amended regulations of a public company in furtherance of its plans to open up its shareholding to the larger investing public.
Comet Properties Limited currently develops houses with different specifications to meet the needs of its varied customers. This is in addition to the sale of serviced plots under a regulated development scheme.
Under the Provisional Listing Rules of the exchange, Comet through its Sponsors and Advisors will be required to submit a prospectus to the Securities and Exchange Commission for approval and follow through with an offer to the public. This is expected to be completed within six months, by March 2010.
Commenting on the provisional listing status of Comet, the Managing Director of the Exchange, Mr K. S. Yamoah, said, “We at the exchange are delighted to have Comet Properties Limited, a wholly owned Ghanaian real estate company, come to add to the diversity of the sectors represented on the market. That is the path Ghanaian entrepreneurs need to take for their businesses to stand competition and impact our economy”.
Nana Odeneho Kyeremateng, the Executive Chairman of Comet Properties Ltd, was also full of excitement for the new direction for Comet. He said, “My friends told me I do not need money to think of putting my company on the stock market”. But I disagreed and said, “We want to take on the discipline of the marketplace, earn greater reputation and be able to access greater capital to improve our housing delivery. The side issue is that we open up Comet to Ghanaians. There is extreme pride in that”. Share Your Thoughts on this article Name Email Location Comments Graphic Ghana may edit your comments and not all comments will be published
Why should sick people suffer because of your ‘too known’ — Hopeson Adorye blast...
You chose to be a doctor, do the work with passion – Hopeson Adorye
We have paid too high a price to allow freedom of speech diminish — Osahen Afeny...
No disciplinary concern justifies violence against students - EduWatch condemns...
Introduce regular criminal background checks into teacher recruitment — EduWatch...
Bank of Ghana mops up GH¢17.24bn in major liquidity tightening move
NDC marks 34 years of political influence and democratic governance
UTAG threatens nationwide strike over delayed book and research allowances
808 presidential staffers on payroll as Parliament receives annual staffing repo...
24-Hour Economy cannot succeed without data — GSS tells Parliament
