The bond which was reopened on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018), targeted between 100 and 130 million cedis from the market.

Today’s amount is about six times more than the target.

Although the managers were looking at an interest rate of between 19 and 19.4 percent, Citi Business News understands that the issue yielded rates below the range forecast.

ESLA Plc in November last year issued 7 and 10 year bonds to raise some 6 billion cedis to settle outstanding debts in the energy sector.

In all, ESLA raised 4.7 billion cedis.

The debt in the energy sector is estimated at 10 billion cedis.

Meanwhile the Energy Minister, Boakye Agyarko has told Citi Business News the government will be returning to the market in March this year to raise the remaining amount estimated at 6 billion cedis to clear the energy sector debts.

“We will come back to market in March…to raise the balance of about 6 billion cedis,” he told Citi Business News.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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ESLA Plc in November 2017, issued 7 and 10 year bonds to raise some 6 billion cedis to settle outstanding debts in the energy sector.

The debt is estimated at 10 billion cedis or 2.5 billion dollars.

In all, ESLA raised 4.7 billion cedis.

The 7 year bond received the targeted 2.4 billion cedis while the 10-year bond accrued about 2.29 billion cedis, below the target of 3.6 billion cedis.

Citi Business News understands that ESLA Plc is seeking to raise at least 100 million cedis with the re-opening of the bond.

This is expected to attract interest between 19 and 19.4 percent.

The bond will mature on 27th October 2027.

Proceeds are expected to be listed on the Ghana Stock Exchange.

In a related development, the Energy Minister, Boakye Agyarko has told Citi Business News the government will be returning to the market in March 2018 to raise the remaining amount to clear the energy sector debts.

Though he wouldn’t disclose any further details, Mr. Agyarko explained that the issuers will be looking at raising all the remaining amounted estimated at 6 billion cedis.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post ESLA Plc closes tap in of 10 yr bond today appeared first on Citi 97.3 FM - Relevant Radio. Always.

Five other African countries will for the first time feature in the 2014 Cowbell National Cycling tour.

Riders from neighboring  Togo, Benin, Nigeria, Cote d’Ivoire as well as Kenya will join seven other Ghanaian clubs for the top prize.The Public Relations Officer of the Ghana Cycling Association (GCA) Dennis Moore revealed in an interview with Citi Sports on Monday that the decision to take the tour international was agreed upon with sponsors during the last edition of the competition.

“The contract we had with Cowbell stated that the tour would be extended to other countries after the first two editions and we are happy it has coincided with the preparations for the Commonwealth games,” he said.

The competition this year starts on the 3rd to the 17th of May and will feature an outdooring ceremony after which a prologue race to the main event will be held.

The race will be  a defined circuit race to a specific destination and back.

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