Vodafone Ghana fights Ghana Stock Exchange over ‘misplaced notion’

Gayheart Mensah. External Affairs Director, of Vodafone Ghana

Vodafone Ghana has  rejected claims that its recent acquisition of 4G LTE License mandates it  to launch an IPO on the Ghana Stock Exchange(GSE), describing it as “misplaced notion”.

The Ghana Stock Exchange (GSE) had called for the public listing of Vodafone Ghana, one the largest telecoms players in the country, after its acquisition of a 4G licence.

But the Telecommunications giant, in a statement, says the  GSE has “got it all wrong.”

“The 4G LTE License conditions DO NOT mandate licensees to launch an IPO on the GSE and nowhere in the bid documents or the license condition is reference even made to listing,””the statement read.

The notion of compelling Vodafone to list on the GSE is therefore misplaced.

The statement also revealed that 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.

“Vodafone has already satisfied this requirement, since the Government of Ghana owns 30 percent of the company. An IPO on the exchange is, therefore, clearly not required. This said, Vodafone places on record that it has no aversion to listing, or for accommodating local participation in the company’s fortunes, as the publications suggest”, read the statement.

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According to the External Affairs Director, Gayheart Mensah, “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.”

“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 center of the telecommunications revolution in the country”, he said.

Read below the full statement issued by Vodafone Ghana

“VODAFONE MUST LIST” – GSE GOT IT WRONG!

We refer to media publications in which the leadership of the Ghana Stock Exchange (GSE) is reported to have indicated that Vodafone must be compelled to list on the bourse following its recent acquisition of 4G LTE License.

The 4G LTE License conditions DO NOT mandate licensees to launch an IPO on the GSE and 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.

Vodafone 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.

This said, Vodafone places on record that it has no aversion to 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.

“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 center of the telecommunications revolution in the country”, said External Affairs Director, Gayheart Mensah.

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