Ghana Stock Exchange Listed Companies 2017

The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana.
The exchange was incorporated in July 1989 with trading commencing in
1990. It currently lists 42 equities (from 37 companies) and 2 corporate
bonds. All types of securities can be listed. Criteria for listing include capital
adequacy, profitability, spread of shares, years of existence and
management efficiency.

Here are the companies listed on the Ghana Stock Exchange (GSE) with
their profiles, stated capital, issued shares and authorized shares.
AngloGold Ashanti Limited
AngloGold Ashanti is the third-largest gold mining company in the world,
measured by production. It has 17 gold mines in 9 countries, as well as
several exploration programs in both the established and new gold
producing regions of the world.
AngloGold Ashanti produced 3.95Moz of gold in 2015, generating $4.02bn
in gold income, utilizing $857mn capital expenditure. AngloGold Ashanti
has an attributable Ore Reserve of 51.7Moz of gold and an attributable
Mineral Resource of 207.80Moz. AngloGold Ashanti was listed on Ghana
Stock exchange on April 27, 2004.
Symbol: AGA
Stated Capital: ZAR 49,721,223,077.55
Issued Shares: 406.69
Authorized Shares: 600.000.000
Access Bank Ghana

Access Bank launched its operations in Ghana on August 19, 2009, as one
of the most capitalized commercial banks in the industry. The entry of
Access Bank into the Ghanaian economy signaled the beginning of a new
era in the annals of banking because of its acknowledged reputation for
innovation and service excellence across Africa and beyond.
Since inception, the Bank has provided universal banking services to nearly
the entire population in Ghana and has acted as a catalyst for growth and
socio-economic development. Access Bank Ghana has been listed on
Ghana Stock Exchange (GSE) since
Symbol: ACCESS
Stated Capital: GH¢ 118.28million
Issued Shares: 118,093,134
African Champion Industries Ltd
African Champion Industries, previously called Super Paper Products Co.
Ltd., is a Ghanaian manufacturing company involved in the production of
toilet paper. They were listed on the stock index of the Ghana Stock
Exchange (GSE), on 12 May, 1992. The company was established on May 23,
1967.
Symbol: ACI

Authorized Shares: 500 million
Agricultural Development Bank Ltd (ADB)
Agricultural Development Bank of Ghana, commonly known as Agricultural
Development Bank or ADB, is a government-owned development and
commercial bank in Ghana. The bank is the first development finance
institution established by the Government of Ghana in 1965, by Act of
Parliament to meet the banking needs of the Ghanaian agricultural sector in
a profitable manner.
It is one of the commercial banks licensed by the Bank of Ghana, the
national banking regulator. The Bank successfully listed on the Ghana Stock
Exchange (GSE) on December 20, 2016. The new ownership structure of the
Bank is:
o Government of Ghana - 32.30%
o Belstar Capital Limited- 24%,
o Starmount Development Company Limited - 11%
o SIC Financial Services-10%
o Bank of Ghana - 9.50%
o EDC Investment Limited - 6%
o Retail investors and ADB staff - 7.20%.
Symbol: ADB

Aluworks Limited
Aluworks Limited is an aluminium continuous casting and cold rolling mill
located at the port City of Tema, Ghana. The company was incorporated as
a private company limited by shares on the 24th day of February 1978, and
granted a certificate to commence business on the 22nd March 1978.
The factory was built between 1982 and 1985, and was officially
commissioned for production on 21st September 1985 with an installed
capacity of 10,000 metric tons of various aluminium products at 70%
utilization. The plant capacity was expanded to 20,000 metric tons per
annum in 1992 and to 30,000 metric tons in 2002, and operated with a
workforce of about 440. Currently; the labor strength is about 265.
Aluworks Limited was listed on the Ghana Stock Exchange (GSE) on 29th
November, 1996.
Symbol: ALW
Issued Shares: 236,685,180 ordinary shares
Authorized Shares: 1,000,000,000 ordinary shares
Ayton Drugs Manufacturing Company Ltd
Was incorporated on the 24th September 1965 by the Late Mr. Samuel
Benson Adjapong; a Ghanaian entrepreneur and the first Ghanaian Chief

Pharmacist at the Ministry of Health. From humble beginnings at
Kokomlemle, with a staff strength of only 10, it moved to its current
location on the Abeka Road, Tesano in Accra in 1969.
Over the years, despite the adverse economic conditions, Ayrton has kept
alive the hope of becoming a force in the pharmaceutical industry in Ghana
with about 30 product lines. AYRTON adapted quickly to the dynamics of
the local business environment and with careful planning, managed to
substantially upgrade its plant, machinery and product lines to its present
status.
In February 2010, Adcock Ingram, a giant in the South African
Pharmaceutical Industry, who has been in existence for more than 120 years
acquired 65.59% shares in Ayrton Drug to become the major shareholder.
Today, Adcock Ingram holds over 78% of total Ayrton Drug shares.
AYRTON was listed on the Ghana Stock Exchange (GSE) on 14 August, 2006.
Symbol: AYRTN
Authorized Shares: 500000000
Benso Oil Palm Plantation Ltd
Benso Oil Palm Plantation is a Ghanaian oil palm plantation and company
formed in 2004, based at the Adum Banso Estate in Takoradi. They are
involved in the production and processing of crude palm oil. They were

listed on the stock index of the Ghana Stock Exchange (GSE) on 16 April,
2004.
Symbol: BOPP
Authorized Shares: 50,000,000 shares of no par value
CAL Bank Limited
CAL Bank formerly Continental Acceptances Ltd and CAL Merchant Bank
commenced operations in July 1990, providing world class financial
solutions to the Ghanaian banking sector. CAL Bank received its Universal
Banking License in 2004 and soon commenced providing specialized retail
banking services.
CAL Bank Limited provides a broad range of banking and financial solutions
to large corporations, small and medium-sized enterprises, public sector
institutions and retail customers through a network of 26 branches and
over 100 ATMs across Ghana. CAL Bank was listed on the Ghana Stock
Exchange (GSE) on 5 November, 2004.
Symbol: CAL
Authorized Shares: 1,000,000,000

Camelot Ghana Ltd
Camelot Ghana is a printing company based in Ghana, serving the West
Africa market. The company was founded in 1963. The company's principal
business includes the printing of stationery, computer stationery, security
stationery, and business printing including stock certificates, cheques,
chequebooks, payment vouchers, invoices and dividend warrants.
Camelot's stock was listed on the Ghana Stock Exchange (GSE) on 17
September, 1999.
Symbol: CMLT
Issued Shares: 6.83
Authorized Shares: 20,000,000
Clydestone Ghana Limited
Clydestone (Ghana) Limited was formed in June 1989, being the pioneer of
Clydestone group of companies is a premier Information Technology
company, indigenous to Ghana and first in the IT industry to be listed on
the Ghana Stock Exchange (GSE) on 19 May, 2004.
Over the years Clydestone has moved the frontiers of technology and has
developed cutting edge solutions in the areas of financial document
processing, remittance processing and transaction switching. They are a

leading provider of IT solutions in Africa, currently providing Cheque
Truncation Systems to 12 of Ghana’s leading Banks.
Symbol: CLYD
Cocoa Processing Company
Established in 1965, Cocoa Processing Company Limited (CPC) is situated in
the picturesque port city of Tema in Ghana on the Greenwich Meridian
(Longitude 0°). The company comprises three factories: two Cocoa Factories
and a Confectionery Factory. Cocoa Processing Company Limited is a
limited liability company incorporated in Ghana on November 30, 1981. The
shares of the company are publicly traded on the Ghana Stock Exchange
(GSE).
The Cocoa Factories have an annual throughput of 64,500 metric tons of
Premium Ghana Cocoa beans which it processes into Cocoa Liquor, Cocoa
Butter, Cocoa Cake and Cocoa Powder. These semi-finished products are
the major ingredients for the production of chocolate and other cocoa-
based food products. The semi-finished products are sold under the
Portem brand name to foreign markets. The company was listed on the
Ghana Stock Exchange on 14 February 2003.
Symbol: CPC

Comet Properties Ltd
Comet Properties Ltd is the first real estate development company with a
primary fulfillment of a private initiative of an integrated urban
development aimed at correcting the defects of urban development in
Ghana.
Having established itself as a leading real estate developer in the country,
the company is rapidly achieving its mission of transforming virgin lands
into Modern Township and building a legend of providing top quality
functional/executive homes for its teeming clientele.
Symbol: CPL
Ecobank Ghana Ltd
Ecobank Ghana Ltd (EBG) is a member of the Pan-African Ecobank chain
which operates in thirty two (32) countries. The bank is a fully networked
commercial bank in Ghana with branches in almost all regions of the nation
and was listed on the Ghana Stock Exchange in July 2006.
The bank was formed in 1990. In December 2011, Bank of Ghana, the
central bank of the country, which also functions as the national banking

regulator, gave approval for Ecobank Transnational to acquire 100%
interest in The Trust Bank (TTB), another licensed commercial bank.
At the time, the total asset valuation of TTB was approximately US$119
million (GHS: 220 million). Ecobank has successfully merged TTB and EBG.
The new bank is known as Ecobank Ghana.
Symbol: EGH
Stated Capital: GH¢226.64 Million
Authorized Shares: 500 Million
Ecobank Transnational Incorporation
Ecobank Transnational Incorporated (ETI), a public limited liability company,
was established as a bank holding company in 1985 under a private sector
initiative spearheaded by the Federation of West African Chambers of
Commerce and Industry with the support of the Economic Community of
West African States (ECOWAS).
In October 1985, ETI was incorporated with authorized capital of US$100
million. The initial paid up capital of US$32 million was raised from over
1,500 individuals and institutions from West African countries.

The largest shareholder was the ECOWAS Fund for Cooperation,
Compensation and Development (ECOWAS Fund), the development finance
arm of ECOWAS. The company was listed on the Ghana Stock Exchange
(GSE) on 11 September, 2006.
Symbol: ETI
Stated Capital: US$867,714,000
Authorized Shares: 800000000
Enterprise Group Limited
Enterprise Group was incorporated on 24th November 2008 and is the
holding company of the Group. The original entity was Enterprise Insurance
Company, established in 1924 and is the oldest insurance company in
Ghana. It was listed on the Ghana Stock Exchange (GSE) on 21 February,
1992 as the first insurance company to be publicly listed in Ghana.
With an annual turnover in the region of GHS 132million and a total asset
base of over GHS 220, Enterprise is a leading provider of financial services
in Ghana.
Symbol: EGL
Stated Capital: GH¢ 31,599,000.00

Fan Milk Limited
Fan Milk Limited is a Ghanaian dairy retailer based in Accra. It has since
begun operating in Benin, Togo and Burkina Faso. It was incorporated in
1960 and was previously known as the Ghanaian Milk Company. It took
advantage of Danish investment in the early 1960s and initially specialized
in pasteurized milk.
However, in 1962, the company changed its name to Fan Milk Limited, and
branched out into the production of ice cream, yoghurt and ice lollies. The
name has since become a household name in Ghana, and is a common
sight to see ice cream carts and bicycles on beaches and the streets selling
the brand.
Fan Milk has been the manufacturer and retailer of ice-creams and frozen
dairy products which has a leading position on the West African market.
They were listed on the stock index of the Ghana Stock Exchange, the GSE
All-Share Index on 18 October 1991.
Symbol: FML

GCB Bank Ltd
Formerly Ghana Commercial Bank, now legally GCB Bank Ltd. The second
largest bank in Ghana by net profit and total assets, licensed by Bank of
Ghana, the national banking regulator. GCB Bank Ltd is the largest
indigenous financial institution in Ghana with 157 branches.
As of December 2015, the bank's total assets were valued at about US$1.27
billion (GH¢:2.45+ billion), with shareholders' equity of approximately
US$88 million (GH¢:170 million). GCB Bank Ltd was listed on Ghana Stock
Exchange on 17 May, 1996.
Symbol: GCB
Stated Capital: GH¢ 72,000,000
Ghana Oil Company Limited (GOIL)
GOIL was incorporated as a private limited liability company on June 14,
1960 as AGIP Ghana Company Limited with the objective of marketing
petroleum products and related products particularly fuels, liquefied
petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana.
GOIL has the largest retail network across the country. The company also
has numerous consumer outlets throughout Ghana. The consumer outlets

include companies, schools, hospitals, factories, hotels, banks and major
parastatals. GOIL was listed on the Ghana Stock Exchange on November 16,
2007.
Symbol: GOIL
Golden Star Resources Ltd.
Golden Star Resources Ltd is a mid-tier Canadian gold mining company,
with two producing gold mines in Ghana, West Africa. It has total historical
production of over four million ounces of gold. It is a non-refractory
producer with production that is expected to increase and operating costs
that are expected to decrease due to the Company's two high grade
underground development projects coming on-stream by mid-2017.
Golden Star is an established gold mining company with two producing
gold mines and two underground development projects. The Company
began production in Ghana in 1999. Golden Star holds a 90% interest in
both the Prestea (formerly known as Bogoso/Prestea) and Wassa mines,
situated on the prolific Ashanti Gold Belt in western Ghana.
The Company is strategically focused on growing its operating margin
through shifting production to lower cost, higher grade, non-refractory

ounces and was listed on the Ghana Stock Exchange (GSE) on 15 February,
2008.
Symbol: GSR
Stated Capital: US $520,320,000
Authorized Shares: Unlimited (Under Canadian Law)
Golden Web Ltd.
Golden Web Ltd. is a Ghana-based company engaged in agro-processing
industry. The Company produces vegetable oils from Palm Kernel, crude
and refined oils as well as groundnuts to soya beans and was listed on the
Ghana Stock Exchange on Monday August 29, 2005.
All vegetable oils and cakes produced by the Company that amounts to 5%
are sold on the local Ghanaian market. About 80% of the palm-kernel cakes
produced are exported to African countries leaving 20% for the local
market.
Symbol: GWEB
Stated Capital: GH¢ 830,975
Authorized Shares: 750.000.000

Guinness Ghana Breweries Ltd
Guinness Ghana Breweries Limited (GGBL) is the leading Total Beverage
Business in Ghana with an outstanding collection of brands across beers,
stouts, non-alcoholic and spirits.
GGBL is a Diageo business, the world’s leading premium drinks business
with internationally celebrated brands including Johnnie Walker, Smirnoff
and Baileys. In Ghana, GGBL is the only beverage business listed on the
Ghana Stock Exchange. Date of listing was August 23, 1991.
Symbol: GGBL
HFC Bank Ltd
HFC Bank (Ghana) Limited, is a leading financial institution in Ghana. It
offers one-stop financial services that include Corporate, Commercial and
Retail Banking; Investment Banking; Mortgage Banking and Micro Finance.
These services make HFC Bank arguably the most diversified universal
banking institution in the Ghanaian Banking industry and was listed on the
Ghana Stock Exchange on March 17, 1995.

The total issued shares of HFC Bank at end of 2012 was 296.36 Million
shares with a market capitalization of GH¢133.36 Million. Ordinary shares of
HFC Bank as at end of the half year 2015 was 297.36 Million shares with a
market capitalization of GH¢475.78 Million.
The share price of HFC Bank registered a price appreciation of 6.67% for the
period January to June 2015. The opening price as at January 2015 was
GH¢1.50 and the price as at June 2015 was GH¢1.60.
Symbol: HFC
Hords Ltd
Hords Limited is an agro-processing company that adds value to the
various agricultural products such as cocoa, cassava, soya and other non-
food products in Ghana.
Hords is a member of the Association of Ghana Industries (AGI).

With a strong and vibrant management team, Hords is fast becoming one
of the major food and household processing companies in the country.
Symbol: HORDS
Mechanical Lloyd Company Ltd
Mechanical Lloyd Company Limited is a fully owned Ghanaian company
established in August 1970 and listed on the Ghana Stock Exchange since
10th May, 1994. It is an automobile company which currently holds
franchises for BMW and Ford vehicles as well as Massey Ferguson
agricultural machinery. It has held these franchises for over 10 years.
Mechanical Lloyd has two offices in Accra with its head office located in the
South Industrial Area in Accra with branches in the Ashanti Region-Kumasi,
Western Region-Takoradi and Northern Region-Tamale. These branches
have been strategically positioned to take care of customers across the
country.
Symbol: MLC
Authorized Shares: 100 Million
Mega African Capital Limited

Mega African Capital is a long-term private investment company which
targets high net-worth investors looking for African opportunities to
generate high returns. The company's primary objective is to provide long-
term capital growth through investments in African securities. It is owned
by the Accra-based private investment services company OAK Partners.
Mega African Capital (MAC) was listed on April 23, 2014 and currently ranks
12th on the Ghana Stock Exchange in terms of returns to investors with a
year-to-date return of zero percent. Following MAC are EGL (-0.42%), GGBL
(-7.98%), and SIC (-8.33%). Shareholders were excited that they had gained
1% on their investments when dividends were last paid to them by Mega
African Capital Limited.
Symbol: MAC
Issued Shares: 9.95
Meridian-Marshalls Holdings
As part of Marshalls pursuit to become the Ivy League university in the next
10 years, these three educational institutions namely; Meridian Pre-
University, Marshalls and High Point Academy has been grouped under the
umbrella of Meridian-Marshalls Holding (MMH), creating a very dominant
and ideal educational synergy, the first of its kind, to be listed on the Ghana
Stock Exchange (GSE). MMH brings on to the Digital Board of the GSE a
wide spectrum of educational investment from the Post-Secondary, to
Diploma and to the Degree Levels.

The initiative of Meridian-Marshalls Holding to list on the Ghana Stock
Exchange received a very major boost on the 16th of January 2014 when
the management of the Ghana Stock Exchange at its Performance Review
Session of the year 2013 made mention of the progress Meridian-Marshalls
Holding has made toward listing on the Ghana Alternative Exchange (GAX),
the platform for New Market dedicated for small and medium size
companies and start-ups.
The Company, being the first to list an educational institution on the GSE,
seeks to raise a total of GH¢2.5 million through the issuance of 25 million
new ordinary shares at 10 pesewas per share.
Symbol: MMH
NewGold Issuer Limited
NewGold Issuer Ltd is a special purpose company registered in South
Africa. The company is set up to issue Gold Bullion Securities. Gold Bullion
Securities are designed to track the spot gold price less fees. GBS provides
investors the opportunity of investing in the gold bullion market without
the necessity of taking physical delivery of gold.

NewGold debentures are listed on the Johannesburg Stock Exchange (JSE),
with secondary listings in Botswana (BSE), Nigeria (NSE), Mauritius (SEM),
Namibia (NSX) and Ghana (GSE). They’re easily obtained through a member
stockbroker in the relevant jurisdiction, through Absa internet banking
portal and additionally in South Africa through the Investment Plan
administered by Absa Investment Management Services (AIMS).
Symbol: GLD
Issued Shares: 0.40
Pioneer Kitchenware Ltd
Pioneer Kitchenware Limited (PKL) is one of the leading manufacturers of
aluminum hollow ware products in Ghana, and within the West Africa sub-
region. PKL, previously known as Pioneer Aluminum Factory, was
incorporated in Ghana by its Swiss founder in 1959.
On August 25th 1995, the company went public on the Ghana Stock
Exchange. In August 2006, the company’s name was changed to Pioneer
Kitchenware Limited to reflect the new strategic focus being pursued by the
company. SAS Finance Group owns over 70% of PKL.
Symbol: PKL

Produce Buying Company Ltd
Produce Buying Company was formed on November 13, 1981 and is one of
the biggest dealers in cocoa, sheanut and other cash crop in the West
Africa sub-region. They were listed on the stock index of the Ghana Stock
Exchange, the GSE All-Share Index on May 17, 2000.
Produce Buying Company purchases high quality cocoa beans/sheanuts
from farmers and prepares, stores them in purpose-built sheds at
village/society level and ensures prompt delivery of the graded and sealed
stocks to designated Take Over Centers collection points in the most
efficient and profitable manner for inspection, grading and sealing by the
Ghana Cocoa Board's Quality Control Department.
Currently, PBC Ltd belongs to Ghana’s most prestigious 100 companies club
known as “Best 100 Companies League” (Ghana Club 100), which other
companies look up to in their desire to attain commendable performance
levels.
Symbol: PBC

PZ Cussons Ghana Ltd
PZ Cussons is a multinational consumer goods business. They manufacture
and distribute some of the most familiar household brands in the world,
from Imperial Leather to Cussons Baby and Morning Fresh. They operate in
four core categories – personal care, home care, food and nutrition and
electricals.
PZ Cussons Ghana Limited is one of the early Companies that was first
listed on the Ghana Stock Exchange (GSE) at the inception of the stock
exchange in the early 1990s (Provisional - November 12, 1990; Formal -
August 23rd, 1991).
The Company, which started operations in the then Gold Coast in the
1930s, begun as a trading concern which imported goods from Europe for
distribution and sale in the Gold Coast and West Africa as a whole. The
Company also engaged in the export of produce from the West African
region to Europe.
Symbol: PZC

Sam Wood Ltd
Sam wood Limited was incorporated on the 16 of October 1984. The
company is involved in the field of Publishing of all kinds. Printing and
related businesses are the other functions of Sam Wood Limited. The
company was listed on the Ghana Stock Exchange on the 24 of April 2002.
Symbol: SWL
Samba Foods Ltd
SAMBA Foods Limited is a Ghana-based company, which is principally
engaged in the food processing and preservation business. The Company
specializes in the condiments and seasoning market based in Tema in the
Greater Accra Region of Ghana. The Company offers various products,
which include Peanut Butter, Roasted Groundnuts and Pepper (Shito)
Sauce.
SAMBA Foods is a member of the Association of Ghana Industries (AGI).
The Company was founded by the Sole Shareholder. By a special resolution
dated 28th October 2014, the company was converted from a private

limited liability company to a public limited liability company and adopted
new Regulations.
The Company sorts, fries and mills peanuts into fine quality Peanut Butter
Paste as a component (intermediary product) for the production of Choc
Delight. The Company grades, sorts and roasts peanuts for further
production into chocolate pebbles.
The Company's Pepper (Shito) Sauce is offered in various sizes, including
approximately 350 grams, approximately 450 grams and approximately 650
grams. The Company's food production and processing facility is located
within the West Coast Dyeing Industries compound, Heavy Industrial Area,
Tema.
Symbol: SAMBA
Stated Capital: GH¢ 250000
Issued Shares: 5.98
SIC Insurance Company Limited
SIC Insurance Company Limited is one of the oldest non-life insurance
companies in Ghana. It traces its roots to the year 1955, when the Gold

Coast Insurance Company was established. It was renamed Ghana
Insurance Company in 1957, when Ghana attained independence.
In accordance with the provisions of the current insurance legislation, the
Insurance Act, 2006, SIC has duly separated its general business from the
life business with the incorporation of SIC Life Limited.
By a special resolution, SIC transferred the life business and assets to SIC
Life Limited and in consideration of that 80,000,000 ordinary shares were
issued to the Government of Ghana. The company was listed on the Ghana
Stock Exchange (GSE) on 25 January, 2008.
SIC Insurance is the leading provider of non-life insurance products in
Ghana with an estimated market share of over 25%. The company exceeds
the minimum stated capital requirement of US$1 million (GH¢1.42 million)
set by the National Insurance Commission of Ghana
Symbol: SIC
Societe Generale Ghana Limited

Societe Generale Ghana Limited (SG), founded in 1975 is a bank that is
based in Ghana, previously known as Société Générale - Social Security
Bank (SG-SSB). The bank is part of the Société Générale banking group.
The company was listed on the Ghana Stock Exchange on October 13, 1995.
The bank's name was changed to SSB Bank Ltd in 1998. In March 2003,
Société Générale of France acquired a controlling interest in SSB Bank Ltd.
On March 31st 2004, the Company's name was changed to SG-SSB Limited
to reflect the new strategic focus being pursued by the Company. However,
in 2013, shareholders of the bank approved for the bank's name to be
changed to Societe Generale Ghana Limited.
Symbol: SOGEGH
Stated Capital: GH¢ 62,393,557.80
Standard Chartered Bank Ghana Ltd

Standard Chartered Bank Ghana Limited is a market – leading financial
services brand in Ghana, listed on the Ghana Stock Exchange on the
following dates;
Provisional: November 12, 1990
Formal: August 23, 1991
Listing of Preference Shares: Feb. 16, 2006.
It has operated for 118 years in the country and is currently the highest
priced stock on the exchange.
The Bank's focus and commitment to developing deep relationships with
clients and customers have driven its consistent growth in recent years.
With a current network of 27 branches and 56 ATMs across Ghana,
Standard Chartered offers exciting product propositions for customers and
clients as well as career opportunities for more than 1,000 staff in Ghana.
Symbol: SCB
Issued Shares: 115.51 Ordinary Shares, 17.48 Pref. Shares
Authorized Shares: 250 million – Ordinary
Starwin Products Limited

Starwin Products Limited a Ghana-based company, which is engaged in
manufacturing, sale, import and export of pharmaceutical products and
drugs of any kind. The Company operates in Ghana within the Ashanti
region, Central region, Greater Accra region, Northern region, Western
region, Easter Region, Brong Ahafo region and Volta region. The Company
is a subsidiary of Dannex Limited.
Starwin Products Limited traces its history to 1960 when Sterling Products
International (SPI) an American pharmaceutical company incorporated a
subsidiary in Ghana. The company, Sterling Products Ghana Limited (SPGL)
operated as a fully owned subsidiary of the parent company until 1976
when fifty percent of its shares were acquired by a group of Ghanaian
investors.
The Ghanaian group eventually bought the remaining shares of the
company in 1987 and subsequently changed the name to Starwin Products
Limited. The company was listed on the Ghana Stock Exchange on 29th
December 2004.
Symbol: SPL
Total Petroleum Ghana Ltd

Total Petroleum Ghana Limited (TPGL) is part of the global Total group,
which is the fifth largest publicly-traded integrated international Oil and
Gas Company in the world with presence in over 100 countries. TOTAL was
listed on the Ghana Stock Exchange on 19th July, 1991.
TOTAL’s operations in Ghana have spanned 50 years. The Company made
its first entry into Ghana as TOTAL Oil Products. TOTAL has undergone
various transformations. TOTAL took over the British Petroleum through Elf
Oil and French TOTALfinaElf. This was followed by a global merger of
TOTAL and Elf; and ultimately the incorporation of TPGL when TOTAL
acquired Mobil in Ghana.
Symbol: TOTAL
Issued Shares: 111,874,072
Transol Solution Ghana Ltd
Transol Solutions Ghana Limited is a leading provider of electronic funds
transfer infrastructure and support services, third party payments,
automated teller machine services, prepaid voucher, and top-up products.
It was incorporated as a private company limited by shares on July 8, 2002.
The company was wholly owned by Mr. Paul Jacquaye when it commenced
business in 2003. Transol adopted new company regulations and was

subsequently made a public company. It was listed on the Ghana Stock
Exchange on December 29, 2006.
Symbol: TRANSOL
Trust Bank Limited (The Gambia)
Trust Bank (Gambia) Limited, commonly known as Trust Bank Limited (TBL),
but also referred to as Trust Bank (Gambia), is a private commercial bank in
the Gambia. It is one of the fourteen (14) commercial banks licensed by the
Central Bank of the Gambia, the national banking regulator.
Trust Bank Limited was founded in 1997 by private investors, with the
objective of offering banking services to local and International individuals
and businesses in a timely, professional, courteous manner, in a profitable
framework. At its inception, Trust Bank acquired the assets and liabilities of
the defunct Meridian Biao (Gambia) Bank. In 2002, the shares of stock of
Trust Bank Gambia Limited were listed on the Ghana Stock Exchange (GSE)
on 15 November, 2002.
Symbol: TBL
Stated Capital: DALASIS 200,000,000

Tullow Oil Plc
Tullow Oil plc is a multinational oil and gas exploration company founded
in Tullow, Ireland with its headquarters in London, United Kingdom.
Tullow Oil plc is a multinational oil and gas exploration company founded
in Tullow, Ireland with its headquarters in London, United Kingdom.
Tullow’s main production comes from six countries in Africa as well as the
Southern North Sea and Asia. Ghana's offshore Jubilee oil field which was
discovered in 2007 and started production in December 2010 is Tullow's
largest discovery.
Tullow has a primary listing on the London Stock Exchange and is a
constituent of the FTSE 250 Index. It has a market capitalization of
approximately £2.75 billion as of 15 July 2015. It has secondary listings on
the Ghana Stock Exchange (27 July 2011) and Irish Stock Exchange.
Symbol: TLW
Unilever Ghana Limited

Unilever Ghana (GSE: UNIL) is the largest producer and retailer of consumer
goods in Ghana. They are listed on the stock index of the Ghana Stock
Exchange, the GSE All-Share Index (Provisional: November 12, 1990 Formal:
August 23, 1991). It formed on July 14, 1992 with a merger of UAC Ghana
Limited and Lever Brothers Ghana Limited.
Unilever Ghana Limited supplies fast moving consumer goods across foods,
home and personal product categories in Ghana. The Company's Foods
category manages brands in four groups: savory and dressings, which
includes sales of soups, bouillons, sauces, snacks, mayonnaise, salad
dressings and olive oil; spreads and cooking products, which includes sales
of margarines, spreads and other cooking products; beverages, which
include the sales of tea, weight management products and nutritionally
enhanced staples.
Symbol: UNIL
UT Bank Limited
UTB is a medium-sized financial services provider headquartered in Ghana
with subsidiaries in West Africa and Western Europe. The bank's total assets
in December 2011 were valued at approximately US$378.4 million (GH¢
712.9 million), with shareholders' equity of approximately US$32.5 million
(GH¢ 61.23 million).

In 1997, Joseph Nsonamoa Prince Kofi Amoabeng co-founded the
financial services and then renamed it Unique Trust Financial Services. UT
Financial Services was a non-bank financial services provider (NBFI), in
Ghana, which was incorporated in 1997. Over time, the NBFI acquired
subsidiaries and was listed on the Ghana Stock Exchange, under its holding
company, UT Holdings Limited.
Symbol: UTB
How to list on the Ghana Stock Exchange

A company is said to be listed when its securities are approved to be
bought and sold on the Stock Exchange. Newly issued shares cannot trade
in the Over-The-Counter (OTC) Market before getting listed on the GSE,
you need to communicate this intention early to the Ghana Stock Exchange
and work with the Exchange’s listing requirements before the public
flotation.
How does your company get listed?
1. First shareholders must meet and agree (pass a resolution) to change
from a private company to a public one limited by shares.
2. The company with the help of external solicitors or in-house lawyers
prepares a new company regulations which conform to that of the
Companies Code and also meet the listing requirements of the Ghana Stock
Exchange.
3. The new Regulations are discussed with the GSE and if found satisfactory,
filled with the Registrar of Companies.
4. The company’s board will also have to appoint a team of advisors to
assist the company to prepare its offer document. The team will include
brokers, lawyers, reporting accountants, financial valuation advisors, etc.

5. The draft reports of the advisors are then discussed. Key decisions such
as the price of the share to be sold, the proportion of shares of the
company to be sold, etc. will have to be taken by the shareholders.
6. An application to list on the GSE will have to be submitted and at the
same time the draft public offer prospectus will have to be submitted to the
Securities & Exchange Commission (SEC) for approval.
7. Once the regulatory approvals in (6) are obtained, a date is set for the
launch of the public offer.
8. At the end of the offer, if it is successful, allotment is done and applicants
are advised.
9. The company then agrees on a date for the commencements of trading
its shares on the GSE.
Can your company qualify for listing?
There are certain requirements that a company must meet in order to
qualify for listing on the Exchange. These requirements are stipulated in the
GSE Rules Book. Many companies will meet these qualifications. To make it
possible for many companies to list on the Exchange, there two lists with
fairly easy requirements:
 The first official list (FOL or Main Board).

 The Ghana Alternative Market (GAX).
Ghana Stock Exchange listing fees
A company applying for listing on the Main Board of any class of its shares
is, as a general rule, expected to meet the following requirements:
1. Minimum Stated Capital: It must have a stated capital after the public
floatation of at least GHc1million in the case of an application relating to
the First Official List and GHc0.25 million for the GAX.
2. Minimum Public Float: Shares issued to the public must not be less
than twenty-five per cent (25%) of the number of issued shares of the
company.
3. Payment of Shares: Shares must be fully paid for: Except in very
exceptional circumstances, the Exchange will refuse listing in respect of
partly paid shares.
4. Spread of Shares: The spread of shareholders existing at the close of an
offer should be in the GSE’s opinion adequate with at least 100
shareholders after the public offer for the Main Board and 20 for the GAX.

Listing requirement for debt securities
A company or institution seeking the admission of debt securities to the
GSE may be considered for such admission if the security concerned has a
total issue amount of not less than GHc1 million face value of there are at
least 50 holders of such securities.
In the case of government securities, there is no prescribed minimum in
respect of either amount of issue or number holders to permit admission to
the GSE’s list.
Debt securities for which listing is sought shall be created and issued
pursuant to a Trust Deed duly approved by Securities and Exchange
Commission.
Ghana Stock Exchange listing rules
The listing Rules specify the information that is to be provided in an original
listing application. The application requires information in the following
areas:
1. Background of the company – (history, type of business)

2. Capitalization and share distribution – (authorized and issued capital,
distribution of shareholding, etc)
3. Directors and key management staff
4. Long-term and funded debt – financing arrangement interest rates,
maturity dates, etc.)
5. Investments and properties;
6. Competition and industry;
7. Profit and loss record for three years or one year as the case may be;
8. Dividend records and;
9. Other information – (fiscal year end, date of annual meeting, pending
legal actions, etc.)
10. A copy of the prospectus submitted to the SEC.
The objective of all the information requirement is to provide sufficient
information to investors on a consistent basis so that they can make
informed investment decision.

It is the responsibility of the sponsoring Licensed Dealing Member to verify
all the information provided by the company and then file with the
Exchange all the necessary documentation to support the application.
All stats and data are from the Ghana Stock Exchange (GSE) Website.
You can also read this in an article form with various chats and market
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Ghana Stock Exchange Listed Companies 2017

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