Epack fund hits GH¢108m

Total funds in Epack’s investment portfolio, a mutual fund managed by Databank Group, reached GH¢108.63 million in June last year.

The figure represents an increase of 91.13 percent from its level in the same period in 2007.

The fund’s net current assets for the period came to negative GH¢93,850, which resulted in a net assets figure of GH¢108.54 million.

Epack issued new shares numbering 15,073,578 during the period, which represents a decline of 54.44 percent compared to the number of new shares that were issued in the first half of 2007.

This development brought the total number of shares issued by Epack as at the end of June 2008 to 115,246,705, about 15 percent more than total number of shares issued in the same period of 2007.

For the six-month period last year, Epack made a gain of 9.12 percent. This was on the low side when compared to the gain of 56.75 percent recorded by the Ghana Stock Exchange’s (GSE) All-Share -Index.

Though the Ghanaian market was doing well, the fund suffered because of the losses recorded by other African markets,

Epack invests on 11 African markets, including Botswana, Egypt, Kenya, Malawi and Mauritius. The rest are Morocco, South Africa, Tanzania, Zambia, Nigeria and Ghana.

Source: B&FT