We’re not mandated to list on Ghana Stock Exchange –Vodafone Ghana

CEO of Vodafone Ghana, Yolanda Zoleka Cuba
  • Vodafone Ghana has indicated that it is under no compulsion to list on the Ghana Stock Exchange.
  • This is after the GSE said it will liaise with the Ministry of Communication to ensure they list on the bourse.
  • Vodafone Ghana explains that the government of Ghana already owns 30 percent of the company.

Vodafone Ghana has said that it is not mandated to list on the Ghana Stock Exchange (GSE) after they acquired the 4G license.

In a statement issued, the company reiterated that there was no condition in the bid documents for the license or the license condition to force them to list on the bourse. It added that this makes a decision to list solely theirs.

But Vodafone argued that since the license requires successful companies to ensure 25 percent Ghanaian ownership of their operations and the government already owns 30 percent, they cannot be compelled to list on the local bourse.

“In fact, the bidding process for the 4G LTE license requires successful companies to ensure 25 percent Ghanaian ownership of their operations, which is not the same as listing on the GSE. Vodafone has already satisfied this requirement since the Government of Ghana owns 30 percent of the company. An IPO on the exchange is, therefore, clearly not required.”

The statement signed by the Director of External Affairs, Gayheart Mensah added that “Our focus now is on ensuring our infrastructure is ready for 4G deployment and full-scale rollout as early as possible. We remain committed to offering our customers the real 4G experience.

“Our continuous successful partnership with government and the business’s investment in spectrum, infrastructure, products and services and in our staff are proof of Vodafone’s commitment to Ghana. We are proud to be Ghanaian and at the center of the telecommunications revolution in the country.”

Below is the full statement from Vodafone

The 4G LTE License conditions DO NOT mandate licensees to launch an IPO on the GSE and nowhere in the bid documents or the license condition is reference even made to listing. The notion of compelling Vodafone to list on the GSE is therefore misplaced.

In fact, the bidding process for the 4G LTE license requires successful companies to ensure 25 percent Ghanaian ownership of their operations, which is not the same as listing on the GSE.

Vodafone has already satisfied this requirement since the Government of Ghana owns 30 percent of the company. An IPO on the exchange is, therefore, clearly not required.

This said, Vodafone places on record that it has no aversion to listing, or for accommodating local participation in the company’s fortunes, as the publications suggest.

“Our focus now is on ensuring our infrastructure is ready for 4G deployment and full-scale rollout as early as possible. We remain committed to offering our customers the real 4G experience.

“Our continuous successful partnership with government and the business’s investment in spectrum, infrastructure, products and services and in our staff are proof of Vodafone’s commitment to Ghana. We are proud to be Ghanaian and at the center of the telecommunications revolution in the country.”

We’re not mandated to list on Ghana Stock Exchange –Vodafone Ghana

Vodafone Ghana has said that it is not mandated to list on the Ghana Stock Exchange (GSE) after they acquired the 4G license.

In a statement issued, the company reiterated that there was no condition in the bid documents for the license or the license condition to force them to list on the bourse. It added that this makes a decision to list solely theirs.

This is a response is coming after the Chief Executive Officer (CEO) of the Ghana Stock Exchange Kofi Yamoah said that they are liaising with Ghana’s Ministry of Communications to ensure that telecom company Vodafone floats part of its shares on the bourse as a requirement after it purchased a 4G spectrum.

But Vodafone argued that since the license requires successful companies to ensure 25 percent Ghanaian ownership of their operations and the government already owns 30 percent, they cannot be compelled to list on the local bourse.

“In fact, the bidding process for the 4G LTE license requires successful companies to ensure 25 percent Ghanaian ownership of their operations, which is not the same as listing on the GSE. Vodafone has already satisfied this requirement since the Government of Ghana owns 30 percent of the company. An IPO on the exchange is, therefore, clearly not required.”

The statement signed by the Director of External Affairs, Gayheart Mensah added that “Our focus now is on ensuring our infrastructure is ready for 4G deployment and full-scale rollout as early as possible. We remain committed to offering our customers the real 4G experience.

“Our continuous successful partnership with government and the business’s investment in spectrum, infrastructure, products and services and in our staff are proof of Vodafone’s commitment to Ghana. We are proud to be Ghanaian and at the center of the telecommunications revolution in the country.”

Below is the full statement from Vodafone

The 4G LTE License conditions DO NOT mandate licensees to launch an IPO on the GSE and nowhere in the bid documents or the license condition is reference even made to listing. The notion of compelling Vodafone to list on the GSE is therefore misplaced.

In fact, the bidding process for the 4G LTE license requires successful companies to ensure 25 percent Ghanaian ownership of their operations, which is not the same as listing on the GSE.

Vodafone has already satisfied this requirement since the Government of Ghana owns 30 percent of the company. An IPO on the exchange is, therefore, clearly not required.

This said, Vodafone places on record that it has no aversion to listing, or for accommodating local participation in the company’s fortunes, as the publications suggest.

“Our focus now is on ensuring our infrastructure is ready for 4G deployment and full-scale rollout as early as possible. We remain committed to offering our customers the real 4G experience.

“Our continuous successful partnership with government and the business’s investment in spectrum, infrastructure, products and services and in our staff are proof of Vodafone’s commitment to Ghana. We are proud to be Ghanaian and at the center of the telecommunications revolution in the country.”

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