GHANA STOCK EXCHANGE GETS TOUGH WITH NON-PERFORMING COMPANIES

ACCRA, The Ghana Stock Exchange (GSE) is taking action non-performing listed companies in line with its listing rules for poor financial performance and inability to hold annual general meetings.

The GSE said in a statement here Wednesday that the move was to protect investors and to ensure an orderly market. It said one of the companies, Golden Web Limited, will be compulsorily delisted at the end of March 2018.

The financial situation of Golden Web Limited is significantly threatened, since the company’s financial performance has weakened considerably over time. The company is also not compliant with its obligations to GSE with regard to the holding of its annual general meetings (AGMs), the GSE added.

The GSE said three other companies — Aluworks Limited; Cocoa Processing Company Limited; and Clydestone Ghana Limited — had been put on a watch list till end of May 2018 as their financial situations were significantly threatened. At the end of the watch list period, the GSE will assess whether there have been improvements in their financial situations and decide on their continued listing status, the statement said.

It also disclosed that Pioneer Kitchenware Limited had written to the GSE of its intention to voluntarily delist and has been given up to the end of May 2018 to carry through its voluntary delisting intention.

Meanwhile, the GSE has accepted a proposal by the Executive Chairman of Transaction Solutions Ghana Limited (Transol) to, either merge Transol with Clydestone Ghana Limited (a sister company) or voluntarily delist Transol.

Source: NAM NEWS NETWORK

   

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