Izwe Loans recently listed Ghana‘s first cedi-denominated corporate bond on the Ghana Alternative Market (GAX) of the Ghana Stock Exchange (GSE). Izwe Loans listed a total of GH¢39 million ($12.15M).
In addition to the bond capital raise, the listing gives Izwe Loans broader exposure, further enabling the Pan-African financial services provider for success, said Izwe Loans’ Managing Director, Kwakye Bismarck.
Kwakye Bismarck said the medium-term bond issue is the first step in setting up Izwe Loans for future access to the capital markets for growth.
“It provides investors with additional opportunities to what is currently offered in the fixed income market, and investors can benefit from the enhanced liquidity of corporate bonds as they are tradable on the GSE,” said Mr. Bismarck.
The tenors of the issued bonds range from 1 to 3 years.
Izwe Loans will use proceeds from the bond issue to fund the company’s loan book, as well as strengthen Izwe’s ability to manage liquidity.
The cedi bond listing by Izwe Loans will encourage other companies to list on the Ghana Alternative Market (GAX), said GAX Board Chairman, Samuel Agyepong Apenteng.
The Ghana Alternative Market (GAX) is part of efforts by the Ghana Stock Exchange and the Venture Capital Trust Fund to encourage small businesses to list on the local exchange to raise medium to long term funds.
Izwe Loans is a specialist finance company targeting the formally-employed market with an unsecured term-loan offering. The company has operations in South Africa, Zambia, Ghana, and
Source: Ghana gets first cedi corporate bond listing | Business News 2014-11-17.
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