ZEN Petroleum Limited is set to be listed on the Ghana Stock Exchange (GSE), according to its Founder and Chief Executive Officer, William Tewiah.
Speaking on The Point of View on Channel One TV with Bernard Avle on Wednesday, April 22, Mr Tewiah said the decision followed extensive internal discussions on the advantages and challenges of becoming a publicly listed company.
“There were a lot of internal discussions as to the pros and cons of us listing,” he said. “We have always set out to run a trans-generational business, be around for a long time, long after I have gone. So, listing on GSE, opening up shares for others to participate, makes you a true Ghanaian company.”
He added that listing on the stock exchange would strengthen corporate governance and reinforce financial discipline within the company.
“It reinforces the discipline we have had all along, which is discipline with compliance, corporate governance,” he noted.
Mr Tewiah revealed that ZEN Petroleum’s initial share offering was carried out through a private placement involving institutional investors, which raised more capital than anticipated.
“It was a private placement by institutions… We ended up raising more, close to a billion. More than we needed,” he said.
He further disclosed that the company has retained about 20% equity for now, with plans to introduce an employee share ownership scheme and gradually float more shares to the public.
“We decided to stay for the 20% for now, to be followed by an employee share ownership scheme. The intention is to float more shares,” he explained.
According to him, there is strong investor interest in the company as it prepares for broader market participation.
“There’s a lot of interest, and people do appreciate companies that try to do the right thing. The interest is overwhelming,” he added.
Mr Tewiah also highlighted ZEN Petroleum’s commitment to competitive and uniform fuel pricing across its nationwide network, stressing the company’s focus on delivering value to consumers while maintaining sustainability.
