The US Securities and Exchange Commission (SEC) has sanctioned Ghana Telecom (GT), led by Databank, to proceed with its USD40 million bond issue, having originally expressed displeasure at the way the money was raised. GT issued the bonds to generate much needed investment for its network upgrade programme, but the SEC voiced concerns following accusations that the transaction was shrouded in secrecy. After a thorough review, it is now satisfied with the documentation’s transparency and has sanctioned the transaction. However, it advised any institution and individuals to inform the SEC of any private placement in the market.
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