[much greater than] Tullow, the leading Anglo-Irish oil explorer, is to float 44.44% of its shares on the Ghana Stock Exchange, allowing local investors to take part in one of Africa's biggest oil adventures in many years as well as boosting activity on this local exchange.
According to Tullow: "The offer of the shares on the GSE will give everyone in Ghana the opportunity to apply for shares in Tullow and to share in the future performance of Tullow's operations across its global portfolio of assets. The listing and share offer further demonstrate Tullow's long-term commitment to Ghana."
Tullow's Rosalind Kainyah (above) also commented that the proceeds from the offer will be invested in Tullow's core business operations in Ghana, adding that a fund will be set up to build the capacity of local businesses.
According to Ghana's vice-president, John Dramani Mahama, speaking to the US Chamber of Commerce's Africa Business Initiative in Washington DC in June, Ghana will become a...