Premiership side Hearts of Oak’s quest to list on the stock exchange has hit a snag as Securities and Exchange Commission (SEC) says it has not given its approval for the club to go public The club’s management had announced it will make its shares available for a period of four weeks from the 26th of May to enable supporters and investors buy into it. It had indicated it is hoping to raise 5 million Ghana cedis by floating 10 million shares at 50 Ghana pesewas each. It however turns out the stock market regulator, the Securities and Exchange Commission is not aware of any such proposed listing. Information available to Joy Business indicates the SEC has not even been furnished with the mandatory offer document or prospectus for its consideration for approval or otherwise. The offer document would spell out the time table for the offer and how the funds would be utilized. Such a document should also contain audited accounts of the company for a consecutive number of years. The Board Chair of Accra Hearts of Oak Commodore Mensah, who earlier spoke to Joy Business about the club’s intention to go public has confirmed they are yet to meet all the requirements. He however says management is working hard to complete the process in good time for the May 26th launch Source: Joy Business/Myjoyonline.com/Ghana