Management of Kasapreko at the Ghana Stock ExchangeIndigenous beverage company Kasapreko has secured adequate funds to cover the payment of its first coupon, following the issuance of a three-year bond in January.
The GH¢150 million bond, the initial of a planned GH¢600 million issuance, carries a bi-annual coupon rate of 26 percent. The first coupon payment is scheduled for July 29, 2024.
The first tranche garnered ¢103.75million and the second tranche raised an additional ¢47.3million.
In a statement released on June 28, 2024, through the Ghana Stock Exchange, Kasapreko confirmed that as of June 24, the Debt Service Reserve Account (DSRA) has been fully funded with the required coupon amount.
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The statement further affirmed that Kasapreko has fulfilled its financial obligation for the upcoming coupon payments.
Sources close to the company told The Accra Times, that Kasapreko established a sinking fund with a bank to ensure the timely meeting of its coupon payment obligations.
The issuance of bonds aligns with Kasapreko’s strategic expansion plans, which include the recent inauguration of a new factory and the introduction of new product lines.
The company intends to utilise the raised funds for capital expenditures, working capital requirements, and potential debt refinancing, aiming to strengthen its market presence and explore new business opportunities.
The listing of the ¢150 million on February 19, 2024, on the Ghana Fixed Income market, marks the largest single capital raise on the market by a local manufacturing firm, underscoring Kasapreko’s commitment to growth and financial sustainability.
