Comet Properties Limited is a real estate development company established in 2002 with the primary objective to construct and deliver into the Ghana property market, functional and comfortable houses. The company has since developed and delivered to its customers, several houses on its maiden 2,000 acre Hillside Housing Estate Project at Brekusu, near the Ashongmang Housing Estates, Accra.

The response of the general public to the company’s products and services has been very encouraging and this has necessitated the extension of its geographical area of operations, since 2004, to cover new land acquisitions at Obosomase (1,500 acres), on the same Akwapim Hills.

The company is a respected member of Ghana Real Estate Developers Association (GREDA). Comet, in its maiden entry into the prestigious Ghana Club 100 in 2008, impressively placed 47 in the over all rankings and 1st in the Real Estates Industry rankings.

The gross revenue of Comet has registered impressive growth, averaging 107% per annum from 2005 to 2007. Even in a particularly difficult year 2008, the company’s 2007 turnover of GH¢18.27 million increased by 6% to GH¢19.34 million. Profit after tax increased from GH¢661,109 in 2005 to GH¢758,311 in 2006. It further increased to GH¢1.83 million in 2007 and then to GH¢2.66 million in 2008. Profit margin for the past four years has averaged 17% per annum.

The company has a strong asset base to support its operations. Total Fixed Assets was GH¢227.84 million at the end of 2008. This includes an estimated 2,500 acres of fully acquired but undeveloped land. The gross value of its stocks including serviced plots, building materials and buildings was GH¢114.81 million as at December 31, 2008.

Comet Properties Limited has strong governance set up and it intends to strengthen it further with its entry onto the Stock Market. The company acknowledges good corporate governance as a necessary condition for providing satisfactory products and services to clients and maximising shareholder value.

In September 2006, Comet by a special resolution converted from a private company to a Public Limited Liability Company and adopted amended regulations of a public company, in furtherance of its plans to open up its shareholding to the larger investing public.

Comet Properties Limited currently develops houses with different specifications to meet the needs of its varied customers. This is in addition to the sale of serviced plots under a regulated development scheme. The range of houses currently on sale includes:

(a) 2 bedroom detached
(b) 2 bedroom semi-detached
(c) 3 bedroom detached
(d) 3 bedroom semi-detached
(e) 3 bedroom detached with out-house
(f) 3 bedroom story
(g) 4 bedroom storey
(h) 4 bedroom story with out-house
(i) Building to the specification of customers

Under the Provisional Listing Rules of the Exchange, Comet through its Sponsors and Advisors will be required to submit a prospectus to the Securities and Exchange Commission for approval and follow through with an offer to the public. This is expected to be completed within six months, by March 2010.

Commenting on the provisional listing status of Comet, the Managing Director of the Exchange said “We at the Exchange are delighted to have Comet Properties Limited, a wholly-owned Ghanaian real estate company come to add to the diversity of the sectors represented on the market. That is the path Ghanaian entrepreneurs need to take for their businesses to stand competition and impact our economy”.

Nana Odeneho Kyeremateng, the Executive Chairman of Comet Properties Ltd was also full of excitement for the new direction for Comet. He said; “My friends told me, I do not need money to think of putting my company on the stock market”. I disagreed. “We want to take on the discipline of the market place, earn greater reputation and be able to access greater capital to improve our housing delivery. The side issue is that we open up Comet to Ghanaians. There is extreme pride in that”.

Comet Properties Limited will be put on the Exchange’s Official List on Wednesday, November 11, 2009.
Issued at Accra, this 6th
day of November, 2009.