Vodafone parries GSE 'misplaced' suggestion to list on local bourse

Vodafone parries GSE 'misplaced' suggestion to list on local bourse
Source: Ghana | Myjoyonline.com | GN
Date: 03-02-2019 Time: 11:02:33:pm

Telecom giant, Vodafone Ghana, says suggestion by the Ghana Stock Exchange (GSE) that it must be compelled to list on the bourse following its recent acquisition of 4G LTE License is ill-informed.

The 4G LTE License conditions, according to Vodafone Ghana, does not mandate licensees to launch an IPO on the GSE.

Vodafone Ghana said in a statement that “nowhere in the bid documents or the license condition is reference even made to listing. The notion of compelling Vodafone to list on the GSE is therefore misplaced.”

“In fact, the bidding process for the 4G LTE license requires successful companies to ensure 25 per cent Ghanaian ownership of their operations, which is not the same as listing on the GSE,” the telecom company added.

Related: GSE urges Vodafone Ghana to list on local bourse

Vodafone Ghana stated in the release that it has already satisfied this requirement since the Government of Ghana owns 30 per cent of the company.

“An IPO on the exchange is, therefore, clearly not required,” Vodafone Ghana stressed. 

Vodafone Ghana said it has no aversion to the listing, or for accommodating local participation in the company’s fortunes, as the publications suggest.

“Our focus now is on ensuring our infrastructure is ready for 4G deployment and full-scale rollout as early as possible. We remain committed to offering our customers the real 4G experience,” said External Affairs Director, Gayheart Mensah, is quoted in the release as saying.

“Our continuous successful partnership with government and the business’s investment in spectrum, infrastructure, products and services and in our staff are proof of Vodafone’s commitment to Ghana. We are proud to be Ghanaian and at the centre of the telecommunications revolution in the country,”  Gayheart Mensah added.