UT'S SUCCESSFUL SHARE OFFER

UT Financial Services, a non-bank finance institution, initial public offer has closed at a successful amount of GH¢27 million .This was disclosed by Databank Financial Services Limited the lead managers at a press briefing in Accra. The company has successfully raised GH¢27.5 million, representing an oversubscribed as at the close of 17 October.Mr. Opoku-Gyamfi Boateng, Executive Director, Databank Financial Services said even under the current financial crisis environment where the credit crunch in developed countries is set to have an infectivity effect on developing countries,still this share offer has been very successful. UT Financial Services put on sale 90.2 million shares at GH¢0.30 per share to raise money to finance the company's branch expansion and acquisition of motor vehicles, office equipment, furniture and fittings.This fresh injection of capital from the offer is also expected to strengthen the company's balance sheet, expand the company's resource base for funding of new loans among others. UT already operates a branch in Germany and plans to explore opportunities in the Nigerian market.Captain Prince Kofi Amoabeng (Rtd), Chief Executive Officer of UT said foreign participation in the offer was limited with only 0.47 per cent of the shares going to individual's resident outside Ghana. He said the main idea is to get Ghanaians to buy shares in the company and his outfit will formally list on the Ghana Stock Exchange on 21 November this year. He added that the remaining 99.53 per cent of the offer was subscribed by Local individuals and institutions. ,.