Ghanaian side Accra Hearts of Oak are set to be floated on the stock exchange after the Securities and Exchange Commission gave approval for the flotation of shares on Friday.
The date for the launch of the Initial Public Offer (IPO) will however be announced later.
The Board of Directors Hearts, said per a letter dated 3rd February by the Securities and Exchange Commission, the approval is good news because it puts to rest the period of anxiety and waiting by all followers of the Club.
Mr E. M. Commodore-Mensah, Board Chairman of Hearts in a statement, on Friday copied to GNA Sports said “The flotation which is said to be probably the first of its kind in Africa, has huge prospects of restoring financial stability to the Club to enable it to invest in recruitment of top players and modern sports infrastructure.”
Meanwhile it is announced for the information of the general public that the auditors of the Club have finished the audit of the 2010 accounts for inclusion in the prospectus.