The Board of Vodafone Ghana have appointed Haris Broumidis as the new
Chief Executive Officer. His appointment took effect from July 15, 2013.
Haris Broumidis joined Vodafone in 2002 as the Marketing Director and
Enterprise Unit Director in Vodafone Greece and moved on to Vodafone
Albania as the CEO in 2007. Under his leadership, Vodafone Albania
became the undisputable leader in the telecoms sector.
In 2012, he joined Vodafone Group in its headquarters, London, as the
Commercial Director for Europe. Among several other responsibilities he
was tasked with the acceleration and implementation of Vodafone’s
commercial priorities in European markets.
He brings on board several years of experience and a winning strategy
to strengthen Vodafone Ghana’s number 2 position in the market and also
make it the undisputed leader for enterprise.
Haris Broumidis is from Greece and studied Economics at the University
of Athens. He pursued his MBA at the Cardiff Business School, University
of Wales and is an alumnus of INSEAD, Fontainebleau - France.
Prior to joining Vodafone, he held various senior commercial roles
including Marketing Director and Business Unit Director of Fresh dairy
Products (Delta/Danone Unit) in Gre
Showing posts with label bizmen. Show all posts
Showing posts with label bizmen. Show all posts
Saturday, 27 July 2013
Epack bounces back to profit
Ghana's biggest mutual investment fund, Epack, has bounced back from a
poor 2011 showing to close at GH¢1.0291 per share, up from the GH¢0.8773
recorded in 2011.
The fund gained 17.31 per cent in cedi terms but actually lost some negative 1.4 per cent in dollar terms, which its Executive Chairman, Keli Gadzekpo, attributes to the depreciation of the cedi in 2012.
This reflects the impressive performance of most African stock markets, including Ghana, particularly in the last quarter of 2012.
While Epack’s exposure to Malawi and Mauritius reduced on the back of currency weakness, its holdings in Nigeria surged up by 165 per cent due to a combination of stock purchases of 39 per cent increase and share price rallies.
Again, the fund’s holding in the banking sector also surged to 53 per cent despite the profit taking undertaken during the year.
As at December 2012, the fund had invested in 11 stock markets in Africa and is expected to concentrate on sectors with strong fundamentals.
The balanced fund, which is cedi investment medium to long-term fund, has also recorded an annual return of 16.8 per cent, up from the 7.35 per cent it recorded in 2011.
The fund closed the year with a total of 6,233 shareholders. The fixed income market is expected to return considerable gains as interest continued to remain high in the first quarter of 2013.
The money market fund(MFund) also closed the year at an annualised yield of 14.8 per cent, which was an improvement of the 2011 yield of 12.18 per cent.
Unfortunately, the return on MFund was lower than the average annual yield of the 91-Day T- bills of 18.63 per cent. MFund’s yield was low due to the fact that T-bill rate rose very quickly in 2012 from 10.81 per cent at the start of the year to 12.61 per cent in March 2012.
Ark Fund, on the other hand, rode on the back of increased stock returns and interest rates in 2012 to record a return of 16.39 per cent in 2012. This was an improvement over the 2011 return of 5.88 per cent.
The fund ended the year with assets under management worth GH¢2.6 million. The total number of shareholders of the Ark Fund also increased by 493 shareholders.
The fund gained 17.31 per cent in cedi terms but actually lost some negative 1.4 per cent in dollar terms, which its Executive Chairman, Keli Gadzekpo, attributes to the depreciation of the cedi in 2012.
This reflects the impressive performance of most African stock markets, including Ghana, particularly in the last quarter of 2012.
While Epack’s exposure to Malawi and Mauritius reduced on the back of currency weakness, its holdings in Nigeria surged up by 165 per cent due to a combination of stock purchases of 39 per cent increase and share price rallies.
Again, the fund’s holding in the banking sector also surged to 53 per cent despite the profit taking undertaken during the year.
As at December 2012, the fund had invested in 11 stock markets in Africa and is expected to concentrate on sectors with strong fundamentals.
The balanced fund, which is cedi investment medium to long-term fund, has also recorded an annual return of 16.8 per cent, up from the 7.35 per cent it recorded in 2011.
The fund closed the year with a total of 6,233 shareholders. The fixed income market is expected to return considerable gains as interest continued to remain high in the first quarter of 2013.
The money market fund(MFund) also closed the year at an annualised yield of 14.8 per cent, which was an improvement of the 2011 yield of 12.18 per cent.
Unfortunately, the return on MFund was lower than the average annual yield of the 91-Day T- bills of 18.63 per cent. MFund’s yield was low due to the fact that T-bill rate rose very quickly in 2012 from 10.81 per cent at the start of the year to 12.61 per cent in March 2012.
Ark Fund, on the other hand, rode on the back of increased stock returns and interest rates in 2012 to record a return of 16.39 per cent in 2012. This was an improvement over the 2011 return of 5.88 per cent.
The fund ended the year with assets under management worth GH¢2.6 million. The total number of shareholders of the Ark Fund also increased by 493 shareholders.
Friday, 26 July 2013
ghana uerobond over subscribed
Ghana’s second bid to raise US$1 billion from the international capital
market to finance key development projects has been over-subscribed by
US$1.2 billion. The first bond of US$750 million was raised in 2007 with
a coupon rate of 8.5 per cent and a maturity period of 10 years.
This current bond of US$1 billion has a maturity period of 10 years, with a coupon rate of 7.875 per cent which will be paid semi-annually.
The bond will be listed on the Ghana Stock Exchange (GSE) and the Irish Stock Exchange (ISE).
This will be the first listing of a sovereign bond on a local stock market in sub-Saharan Africa.
The over-subscription shows the level of confidence the international financial community has in the Ghanaian economy.
The economy, over the past year, has received positive ratings from international rating agencies. Moody Ratings rated Ghana B1; Standard and Poor’s B, while Fitch rated the economy B+.
The Minister of Finance, Mr Seth Terkper, who led a team of experts for the road show, said he was satisfied with the results.
He said Ghana should now be accessing the international capital market to finance its long-term projects and said part of the fresh capital would be used to refinance the first bond which had a higher coupon rate of 8.5 per cent.
The foreign lead managers for the transaction were Barclays Bank and the Citi Bank Group, while SAS and EDC were the co-managers.
Parliament, on June 25, 2013, approved a request by the government to issue its second Eurobond to raise US$1 billion from the international capital market to finance development projects.
Proceeds from the bond are expected to be used to finance infrastructure projects and restructure maturing debts and interest payments.
They are also to be used as counterpart funding for capital projects such as the Atuabo Gas Processing project, as well as to finance capital expenditure approved in the 2013 budget, with priority given to self-financing projects such as ports and power projects.
The request was approved amidst serious debate from both sides of the House over the quantum of the amount, the timing of the issue, as well as the specific terms and conditions of the bond.
The Chairman of the Finance Committee of Parliament, Mr James Klutse Avedzi, who moved a motion for the adoption of the committee's report on the bond, had said the purpose of the bond was to diversify the country's sources of funding.
According to him, the bond was to provide counterpart funding for projects already approved amounting to US$103 million, as well as provide US$284 million to finance capital expenditure in the 2013 budget statement, with priority given to government financing projects.
Some MPs called on the government to present the specific terms of the bond to the House for its perusal.
They also criticised the government for not pursuing fiscal scrutiny, arguing that the timing for the request was not appropriate because the government was going to the market at a time when the country's credit rating was low.
They said the country's debt stock stood at more than GH¢30 billion and warned that borrowing from the capital market would increase the debt stock faster.
This current bond of US$1 billion has a maturity period of 10 years, with a coupon rate of 7.875 per cent which will be paid semi-annually.
The bond will be listed on the Ghana Stock Exchange (GSE) and the Irish Stock Exchange (ISE).
This will be the first listing of a sovereign bond on a local stock market in sub-Saharan Africa.
The over-subscription shows the level of confidence the international financial community has in the Ghanaian economy.
The economy, over the past year, has received positive ratings from international rating agencies. Moody Ratings rated Ghana B1; Standard and Poor’s B, while Fitch rated the economy B+.
The Minister of Finance, Mr Seth Terkper, who led a team of experts for the road show, said he was satisfied with the results.
He said Ghana should now be accessing the international capital market to finance its long-term projects and said part of the fresh capital would be used to refinance the first bond which had a higher coupon rate of 8.5 per cent.
The foreign lead managers for the transaction were Barclays Bank and the Citi Bank Group, while SAS and EDC were the co-managers.
Parliament, on June 25, 2013, approved a request by the government to issue its second Eurobond to raise US$1 billion from the international capital market to finance development projects.
Proceeds from the bond are expected to be used to finance infrastructure projects and restructure maturing debts and interest payments.
They are also to be used as counterpart funding for capital projects such as the Atuabo Gas Processing project, as well as to finance capital expenditure approved in the 2013 budget, with priority given to self-financing projects such as ports and power projects.
The request was approved amidst serious debate from both sides of the House over the quantum of the amount, the timing of the issue, as well as the specific terms and conditions of the bond.
The Chairman of the Finance Committee of Parliament, Mr James Klutse Avedzi, who moved a motion for the adoption of the committee's report on the bond, had said the purpose of the bond was to diversify the country's sources of funding.
According to him, the bond was to provide counterpart funding for projects already approved amounting to US$103 million, as well as provide US$284 million to finance capital expenditure in the 2013 budget statement, with priority given to government financing projects.
Some MPs called on the government to present the specific terms of the bond to the House for its perusal.
They also criticised the government for not pursuing fiscal scrutiny, arguing that the timing for the request was not appropriate because the government was going to the market at a time when the country's credit rating was low.
They said the country's debt stock stood at more than GH¢30 billion and warned that borrowing from the capital market would increase the debt stock faster.
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