Bayport Financial Services has announced good performances on the local bourse after the company listed on the Ghana Alternative Market (GAX) early this year.
The listing of the debt instrument was targeted at raising GH¢200 million from the GAX in the medium term.
Speaking to Citi Business News after presenting the “Fact Behind the Figures” at the GSE, the Managing Director of Bayport Financial Services, Kofi Adu Mensah stated that the company will return next year to raise more funds to boost its forex reserve.
According to him, current figures show that the company has performed well in winning the confidence of the investor community.
“The company is so far doing well since we came on the stock market. We came here to borrow money for two purposes, we had foreign denominated facility on our balance sheet that was affecting our performance because of the exchange rate so we paid that off. We also said we wanted part of that money to use for our operations and we are actually using it for those operations,” he said.
He disclosed that the company has so far raised GHS128 million out of the expected GHS200 million it targeted.
Expressing optimism in meeting the target, Mr. Mensah stated that the company is on the right track to achieve the goal.
He noted that the company has now improved its balance sheet making it attractive to investors.
“So far we have taken 128 million out of the 200 million programme and we expect to come back to the market within the second and third quarter to take some more for our operations, but so far, so very good,” he stressed.
On his part, the Chief Executive Officer of the GSE, Mr. Kofi Yamoah encouraged Bayport Financial Services to expand its operations in the country by moving to the main stock market.
By: Lawrence Segbefia/citibusinessnews.com/Ghana