Comet Gets Provisional Listing

Comet Properties Limited, a member of Ghana Real Estate Developers Association (GREDA), yesterday got its provisional listing on the Ghana Stock Exchange.

This means that the company has six to 18 months to go public and raise capital through the exchange to expand its operations.

The company, which started operations in 2002, is listed as the 47th company in the Ghana Club 100 magazine.

Since its inception the company has built 200 different types of houses, with another 200 which are at various levels of construction.

At the listing ceremony on the floor of the exchange, Mr Kofi Yamoah, Managing Director of the Ghana Stock Exchange, mentioned the benefits that came with listing, and said they included tax relief and having access to raising long-term capital from investors.

He said the company would also have to adopt the requirements of the market, which included the publication of quarterly financial statements.

Mr Yamoah, therefore, appealed to private companies not to shy away from going public.

Mr Rexford Adomako-Bonsu, the Chairman of World-wide Group, whose company sponsored the listing, expressed the hope that other private companies would make the necessary effort to get listed on the stock market.

He said the company was the first real estate company to be listed on the market.

Mr Osei Owusu, a member of the management board of the company, said their listing would encourage other real estate development companies to come on board.

The provisional listing was performed by Mr Edward Prah, Vice Chairman of the GSE Council and Chairperson of the listing committee.