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Kosmos Energy to List in Ghana by End of Year

Source: Reuters 9/7/2011, Location: Africa

Kosmos Energy , which plans to list in Ghana to raise some $50 million for development in the West African country, is on track to join the bourse by the end of the year, Ghana's capital markets regulator said. Kosmos, backed by private equity firms Blackstone Group and Warburg Pincus , has a 23.49 percent stake in the Jubilee offshore oilfield, operated by Tullow Oil and holding as much as 2 billion barrels of light crude. Kosmos first announced its plan to list on the Ghana Stock Exchange in June, the same month Tullow started selling its shares to the Ghanaian public. Tullow shares started trading on the bourse in July.

"We have just listed Tullow Oil and we are working on listing Kosmos. Kosmos will come on before the end of the year," Adu Anane-Antwi, Securities and Exchange Commission of Ghana director general told Reuters after signing a cooperation agreement with Kenya's capital markets regulator. "Investment advisors and the sponsoring brokers have been speaking to us. They are preparing their prospectus. Once we get the prospectus, in a matter of six weeks we will have approved it," he said.

Ghana's stock exchange has encouraged international firms operating in Ghana to list to increase local participation in their activities and boost liquidity on the bourse, the lack of which has been a major investor complaint. Earlier this year Ghana's trade minister said the country planned to set up a commodity exchange -- initially to mainly target agricultural produce -- by the end of 2012. Anane-Antwi said officials from the Ministry of Trade, Finance Ministry and SEC and private sector among others were working on the finer details on how the exchange would run. "If all the plans have been put into place, we are hoping by September next year, we should have a commodities exchange operating," Anane-Antwi said.

In addition to its crude oil, Ghana is the world's second-largest cocoa grower after Ivory Coast, Africa's No. 2 gold producer and it also mines bauxite, manganese and diamonds.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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