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Business & Finance | Dec 29, 2004

Starwin begins trading on the Stock Exchange

GNA

Accra, Dec. 29, GNA - Trading in shares of Starwin Products Limited, a pharmaceutical product manufacturer, officially commenced on the Ghana Stock Exchange on Wednesday to mark the final step in the listing requirements.

Starwin Products Limited went to the Exchange in June to raise 15 billion cedis from the sale of 30 million shares to the public at a price of 500 cedis per share, representing 20 per cent of the Company. The additional capital is to allow the Company to expand and modernize its machinery, diversify its product line and launch into the production of plant medicine.

Mr Edward Boohene, Executive Chairman Starwin Products Limited, told the GNA that the Company was responding to market developments in the pharmaceutical industry to boost its capacity in the production of tablets and create additional capacity for its liquid line. The Company is in discussions to import plants from China for the manufacture of malaria drugs in collaboration with the Centre for Plant Medicine at Mampong, Akwapim.

"Venturing into other areas as well as availability of funds to import inputs will allow Starwin to boost its market share of the pharmaceutical industry to between 20 per cent and 25 per cent within the next eight years," Mr Boohene said.

The Company currently controls about 13 per cent of the market and hopes to expand its production significantly in the next four years. Mr Boohene said the Company would expand its distribution network by building depots across the country. He expressed the hope that storing up products could help the Company hedge against foreign exchange fluctuations of its imported inputs.

"I feel elated to have brought Starwin to the Exchange," Mr Boohene said, and advised individual entrepreneurs to free their grips on ownership of their businesses by listing on the Stock Exchange to get additional capital to expand production and employment.

"However, such owners must first make sure that their businesses are firm and there is a conviction that the business can progress in the future" he said.

Starwin Products Limited was incorporated in 1993 after the reorganisation of Sterling Products Ghana Limited. The Company currently produces 10 branded products made up of a dry mixed tablet line, wet mixed tablet line, liquid mixing, a filling line and dry powder line.

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