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Tullow’s public offer flies, but not too high

Joy Business has learnt that Tullow’s recent public offer has been successful. The Jubilee operator was however able to sell about 3.4 million of the four million shares it floated.

The oil exploration firm was seeking to raise GHS140 million with the sale of the shares at GHS31 each and market watchers had all predicted a massive over subscription.

The offer is said to have been successful as it sold far more than the minimum number of shares stated.

Provisional data submitted to the market regulator, the Securities and Exchange Commission on Monday indicates that GHS108 million worth or 88 percent of the shares were sold with SSNIT taking almost half.

The top 20 institutions that bought into the offer were all government agencies. No foreign investor is said to have participated.

Joy Business sources say the remaining shares will later be sold on the market.

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