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10.10.2008 Business & Finance

UT takes share offer to Kumasi and Takoradi

By Stephen Odoi-Larbi - Ghanaian Chronicle

UT FINANCIAL Services, the 2nd Best Company on the Ghana Club 100, and 2nd Most Respected Company in Ghana, last week took its Initial Public Offer (IPO) to their clients and the general public in Kumasi and Takoradi, to create awareness on the share offer during a mini launch, and an investor presentation to the public in those two areas.

This was in fulfillment of its promise to take the share offer to the doorsteps of as many people as possible, to ensure that UT's offer was indeed “Everybody's Share”.

Mr. Prince Kofi Amoabeng, explaining the rational for the offer, said it was in response to requests from “investors and our desire to make ordinary Ghanaians to own this home-grown company, which they helped to build into an indigenous success story over the past eleven years.”

He said the offer would also to enable the UTFS deepen the capital market activities on the Ghana Stock Exchange, and recapitalise the company.

UT is offering 90,293,000 ordinary shares, at 30Gp per share, to raise GH¢27, 087,900 out of which GH¢3 million would go into recapitalisation, while the remaining GH¢24 million would go into other ventures.

The share offer runs from 22nd September to 17th October, this year.

Mrs. Pearl Esua-Mensah, Director, Finance and Administration, made a presentation of the exponential growth of the company, in terms of its results and loans and advances, indicating that based on profit performance, UT had been able to pay a consistent dividend to its current shareholders.

She noted that the company had over the past five years, taken all the awards that mattered in their area of operations.

She said with the current political and currency stability, as well as the reforms being undertaken by the Bank of Ghana, the future looked very bright for UT Financial Services, hence any investment in the company was a good one.

The Director of Operations, Captain E. K. Budu Koomson (rtd), indicated that UT had over the past eleven years, built a solid business structure, with established clear, concise and adaptable processes, for credit provision and collections, with in-built risk management.

He said UT was to expand its operations, to cover all the regional capitals in the country, and also diversify its products to meet the needs of their customers, through its well-developed organisational structure and formidable workforce.

At Kumasi, Professor Theophilus Commey Ankrah, a Lecturer of the School of Medical Sciences, at the Kwame Nkrumah University of Science and Technology, commended UT for its timely and customer-centered operations, which makes them “very reliable and dependable company.” The programme was held at the Miklin Hotel in Kumasi, and was chaired by the Bantamahene, Baffour Asare Owusu Amankwaitia V, and in attendance was Lady Julia Osei Tutu, wife of the Asantehene, Otumfuo Osei Tutu II, and Nana Wiafe Akenten III, Offinsohene.