[2008-07-24]  SEC Rejects Aviance Prospectus
The draft prospectus meant for the listing of Aviance Ghana Limited, formerly AFGO, on the Ghana Stock Exchange has been rejected by the Securities and Exchange Commission (SEC).

According to CITY & BUSINESS GUIDE source at the SEC, the capital market regulators were dissatisfied with some of the requirements in the document presented by the Lead Managers, Ecobank Development Corporation (EDC) Stock Brokers.

The rejection of the draft prospectus could come as a big blow to the air cargo handling company which was hoping to list before the end of this month.

The company which was seeking to raise about $26 million on the exchange for several expansion projects as well as entrenching its position on the Ghanaian scene has seen its draft prospectus rejected on some three occasions.

Aviance, an agent for airport traffic handling in Ghana and currently the sole company responsible for the efficient ramp handling of all aircraft, baggage freight at the Kotoka International Airport (KIA) has Ferrum Limited in Belgium, Gatwick Handling Overseas Limited in Gatwick and Orios West Africa as the shareholders.

However, the initial public offer (IPO) should have given way for new shareholders.

Meanwhile SEC has approved the Rights Issue of Ecobank Transnational Incorporated (ETI).

ETI is seeking to raise $3 billion to consolidate its expansion programme globally.

ETI has so far opened business offices in China, the U.S.A, some European countries and is considering rolling out more branches in other continents as part of its growth.
Source: Copyright © 2006 by Ghana Daily Guide