HORDS Limited, an agro-processing company that adds value to various agricultural products and other non-food products, has begun trading on the Ghana Alternative market, following the listing of 80,000 shares on the Ghana Alternative Market (GAX).
The company, which raised GH¢ 4 million from its initial public offering, said it would use the funds to expand its operations.
HORD’s listing follows that of Samba Foods and Meridian Marshalls.
Nana Owusu Afari, a former President of the Association of Ghana Industries (AGI), said although Small and Medium Enterprises constituted more than 80 per cent of industries, lack of capital and technology were retarding their growth.
He said this combined with unbridled competition from cheap foreign products was threatening the collapse of many SMEs.
Nana Afari said with support from GAX many SMEs would survive and grow and called on them to list to raise long-term capital for growth.
Mr Samuel Appenteng, Chairman of the GAX Governing Committee, reiterated the need for good governance and deliberation by Hords’ board to maximise profit for shareholders.
Mr Kofi Yamoah, Managing Director of the Ghana Stock Exchange, said efforts are being made to get more SMEs listed on the market.
He said the market is likely to see the listing of four companies, including Intravenous Infusion and Ghana Homes, before the end of the year.
Managing Director of HORDS, Harold Otabil said the company is poised to expand and enhance its product line.