Gold Fund Unit Trust Oversubscribed

Accra, July 6, GNA - The Managers of the Gold Fund Unit Trust Scheme on Tuesday said they have raised 21.8 billion cedis, over the three-month initial price offer period which ended on Friday June 25,2004.

Gold Coast Securities, the Managers, said the original aim was to raise a minimum of 10 billion cedis by offering 20 million units at a cost of 500 cedis per unit.

The Managers told the Ghana News Agency Business Desk that the amount raised was double what was anticipated and would require additional units to be issued.

"One thousand, three hundred and seven individuals and organisation bought the units of the Fund during the period". Accra topped the list of buyers with 24,507,568 units at a cost of 12.253 billion cedis followed by Kumasi with 11,506,060 valued at 5.753 billion cedis.

Takoradi was next inline buying a total of 2,413,614 units at 1,206 billion cedis. Tarkwa, Ho, Hohoe, Obuasi and Tamale followed in that order. On the international scene, 210,090 units at 105 million cedis were sold.

The Managers said they would embark on national and international drive to mobilize funds into Ghana following the highly successful initial price offer.

The Fund is designed to achieve long term capital appreciation by investing in both listed and unlisted equities of Ghanaian companies. So far 4.3 billion cedis received during the beginning of the offer have been invested yielding a return of 14 per cent. The current price of the Gold Fund is pegged at 504 cedis.