JP Anderson develops West Africa Over the Counter Market System
Investment Banker JP Anderson said in Freetown on Monday 16th September 2013 that it would be developing the West Africa Over the Counter Market System, disclosing a new subsidiary the West Africa OTC Ltd incorporated to organize, assist and service small emerging companies operating in West Africa’s fast growing markets.
The WAOTC is designed as a path to support smaller companies in the West African sub-region “develop” and meet listing requirements on local [country] exchanges in the region.
The initiative will “provide the gateway” for investors, fund managers, investment banks and brokers/dealers all over the world to “participate” in the fast growing West African market and James Price CEO JP Anderson said: “To fully stimulate the economic growth of the region [West Africa], we need to start with small business owners; supply these businesses with capital, managerial advice, support and expansion tools needed to fully execute their business plan , would have tremendous impact on employment, skills training and economic growth”.
He however also added that it is therefore “imperative to host a regulated market place that is fully transparent, protects investors and also possesses strict listing and trading requirements”.
Public companies meeting listing requirements on the WAOTC will be able to “BUY AND SELL” securities in line with “WAOTC safe-habor guidelines”, and in a manner similar to trading on the World Exchanges like the New York Stock Exchange NYSE and the National Association of Securities Dealers Automated Quotations NASDAQ.
The WAOTC database will be on a web portal www.waotc.org where all listed Over the Counter OTC companies will be required to post “accurate and transparent” corporate information, and a compliance division within the WAOTC will “regulate” companies and brokers listed to trade.
Operation of the portal will be inline with laws guiding securities in all participating countries and it will cover licensing, listing requirements and disclosure laws.
JP Anderson is headquartered in Sierra Leone and plans rapid expansion into the West African sub region. It has incorporated in Ghana and plans onwards push into Gambia, Guinea, Senegal, Liberia and Mauritania before the end of 2013,
By Abdul R. Bedor Kamara
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