GSE suspends 5 firms from listed entities

In a statement issued by the GSE, it said the suspension takes effect from Monday, August 28, 2017.

The affected companies are African Champion Industry Limited (ACI), Clydestone (Ghana) Limited (CLYD), Golden Web Limited (GWEB), Pioneer Kitchenware Limited (PKL) and Transaction Solutions Limited (TRANSOL).

The statement said, “these companies have failed to meet their continuing listing obligations in spite of several promptings to do so.”

These obligations include failure to submit financial reports, non-payment of annual listing fees and failure to conduct Annual General Meeting (AGM), among others.

The companies have been given up until September 8, 2017, to rectify their anomalies.

“Failure to do so will attract further sanctions as per the GSE Listing Rules,” the statement added.

This is the second time the GSE is suspending companies from the stock market.

The GSE also in August 2017, suspended UT Bank from the country’s stock market.

This follows the collapse and subsequent takeover of UT Bank by GCB Bank.

In a statement issued by the GSE, it explained that the suspension was necessary due to the revocation of UT Bank’s licence by the Bank the of Ghana.

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