Joy Business has learnt that Tullow’s recent public offer has been successful. The Jubilee operator was however able to sell just about 3.4 million of the four million shares it floated.

The oil exploration firm was seeking to raise 124 million Ghana cedis with the sale of the 4 million shares at 31 Ghana cedis each and market watchers had all predicted a massive over subscription.

The offer is however adjudged successful as it sold far more than the minimum number of shares stated.

Provisional data submitted to the market regulator, the Securities and Exchange Commission on Monday indicates that 108 million Ghana cedis worth or 88 percent of the shares were sold with SSNIT taking almost half.

Joy Business sources say the remaining shares will later be sold on the market.

Source: Joy Business/Ghana