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RADP / Pulse Ghana  >  news  >  business

UT Bank restarts trading on GSE

Magdalene Teiko Larnyoh

This follows a temporary halt of the bank’s trading activities by the Ghana Stock Exchange after UT Bank failed to publish its quarterly audited accounts to shareholders.

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But in a circular released by the bank to its brokers and shareholders, it explained that the failure to publish its quarterly audited accounts to shareholders was to enable the bank to restructure its business.

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“This deferral was sought to enable the bank to complete a restructuring of the business which will have a material impact on the presentation of its financial statements,” the circular stated.

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“The bank is currently in the process of finalising accounts for 2015 and 2016. These results and related arrears will be released before the end of the first quarter of 2017,” it added.

The circular also expressed the commitment of the Board and management of the bank to ensure the bank grows to the satisfaction of its clients.

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“The Board of Directors and Management of UT Bank Limited are focused on growing the Company and creating value for our shareholders and customers. We look forward to stronger partnerships as UT Bank prepares to enter this new phase of its organisational history.”

In a related development an Associate Equity Trading analyst with UMB, Kofi Kyei told Accra-based Citi FM that the measure taken by the GSE was to protect the investors.

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He said “what the GSE did is aimed at protecting investors. it is part of the requirement that companies have to obey.”

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Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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