Accra, Aug. 14, GNA - Accra Hearts of Oak Sporting Club Limited has set a target of GHC5 million as the Club gets ready to float its shares on the stock market.

The expected amount will be used to service the debts of the Club that has accumulated over the past years, investment into infrastructure and increase the working capital of the club.

Mr Emmanuel Martey Commodore-Mensah, Chairman of the Board of Directors of Hearts who announced this at a press conference in Accra on Friday, said the Club will first organise its Congress to pave the way for the floatation of the shares on the stock market. He said the Board has therefore fixed September 12, for its Extra Ordinary Congress.

The Congress according to the Board Chairman will adopt resolutions for amending the Club's governing rules to make way for listing the Club on the stock market. Among the resolutions to be adopted at the Congress are an increase of the ordinary shares from 50 to 100 million with each costing GHP 10GHP.

The Congress will also fix a maximum share to be acquired by an applicant at 100, in a bid to avert any attempt of monopolisation by an individual or an institution.

Mr Commodore-Mensah said the move to place the Club on the stock market is part of the process of evolution aimed at modernising Hearts and create a better future for the Club and its members. He said participants at the Congress will be required to fulfil all their financial requirements to the Club.

The Board Chairman said national members have as their annual subscription fee, GHC120 whilst the Chapters are to pay GHC600 to qualify to participate in the Congress.

Mr Commodore-Mensah said the Club is aware of the legal requirements before the floatation of shares but added that they have taken steps to meet such requirements.

He expressed the hope that the Club will meet its target at the end of the exercise.