…as Exchange promises review of set-up to attract more listings
Pesewa ONE Plc, an incubator for businesses, has been admitted to the parallel market operated by the Accra bourse, the Ghana Alternative Market (GAX).
The incubator was admitted in a listing by the introduction of five million (5,000,000) ordinary shares at GH¢S0.60 per share and a stated capital of GH¢366,000; satisfying the minimum stated capital requirement of GH¢250,000 at the time of listing.
The ceremony, which occurred on Wednesday, March 24, 2021, was historic on two fronts; being the first to be conducted virtually as well as being the first of any incubator to be listed on either board.
Speaking at the ceremony, Managing Director of the Ghana Stock Exchange, Ekow Afedzie said the listing – the first for the year – had come at a time when operators of GAX have been pondering on steps to take to revive activity on the market.
Addressing the low level of activity on GAX, he said, “As an Exchange, we are not too happy with the performance so far, after eight years, so what we are doing is that going forward, we are reviewing the entire concept of GAX to make it more attractive.”
Expressing delight at the range Pesewa ONE’s listing gives to the GAX, he added: “The listing is unique as the company is not the regular entity we are used to seeing, from the manufacturing or services industry. The story here is that, beyond the familiar ones, we can also list companies operating in diverse spheres on the market.”
Representing the regulator, Deputy Director of the Securities and Exchange Commission, Deborah Mawuse Agyemfra commended Pesewa ONE for the initiative and admonished the Incubator to place a premium on good corporate governance and compliance.
Taking his turn, Director of the CDH Securities, the sponsoring broker, Emmanuel Kofi Darkwa, stated that his outfit became associated with Pesewa ONE on account of its business model, which he described as having a “unique architecture for providing a solid foundation” for startups and SMEs.
On his part, Chief Executive officer at Pesewa ONE, Dr. Prince Abbey outlined the growth approach that his outfit seeks to adopt.
“Our future growth will be focused on providing nine major platforms for entrepreneurial development in Ghana and Africa. These platforms include investment platforms for startup businesses, technological solutions in web, QR and USSD for young businesses, data resources, especially for the informal sector, and a commercial system that brings together local manufacturers of products,” he said.
Other personalities at the event were Group CEO of CDH Securities, Emmanuel Adu-Sarkodee, who was the Guest of Honor and Chairman of GAX Advisory Committee, Samuel Apenteng, who official admitted Pesewa ONE.
Pesewa ONE started as the Pesewa Investment Club in 2018 and has since grown to have 55 start-up ideas and businesses currently under the Incubator. These enterprises are in industries such as technology, education, professional services, media, advertising and finance. The Incubator takes up a 30% stake in each of the businesses under its programme and receives dividends when any of these businesses make a profit.
Furthermore, Pesewa ONE also realises capital gains upon sale of any of these businesses and is entitled to management fees for services provided to each business for the first five years of the business’ existence. Pesewa ONE owns and monetises all the data from its activities and those of the incubated businesses through its website. Pesewa ONE Plc. joins five other companies listed on GAX.