Details of African Champion Industries Ltd.

Company Profile

Company NameAfrican Champion Industries Ltd.
Stated CapitalGH
Nature of BusinessManufacture toilet rolls.
Date IncorporatedMay 23, 1967 as a private company
CommentsConverted to public company in December. 1990
Date ListedMay 12, 1992
Registered Office113 3rd Industrial Link, Heavy Industrial Area, Tema
Postal AddressP.O. Box 1133, Tema
Types of Traded SecuritiesOrdinary Shares of no par value
Issued Shares(GH) (mil.)36.50
Authorised Shares500 million
DirectorsElkin Pianim-Executive Chairman Samira Ibrahim Abu Comfort Yamoah Francis Kalitsi Dr. Patrick Ata
Change of Name

Press Releases

June 2015

ACI announces that the Company will hold its Annual General Meeting at the Christ The King Parish Hall, Liberation Road, Accra on Tuesday, July 21, 2015 at 10.30am.

Issued in Accra, this 24th
day of June, 2015

October 2014

ACI announces that the Company will hold its Annual General Meeting at the Christ The King Parish Hall, Liberation Road, Accra on Friday, October 31, 2014 at 9am.

Please note that this AGM is to receive the 2012 and 2013 Annual Reports and Accounts.

Issued in Accra, this 3rd
day of October, 2014

April 2013

ACI announces that the Company will hold its Annual General Meeting at the Christ The King Parish, Liberation Road, Accra on Friday, 26th April, 2013 at 9am.

Please note that this AGM is to receive the 2011 Annual Report and Accounts.

Issued in Accra, this 3rd
day of April, 2013

August 2010

ACI has announced that there would be an Extraordinary General Meeting on Wednesday, August 25, 2010 at Ebenezer Presbyterian Church Hall, Osu at 9.30 a.m.

The agenda for the meeting is as per attached.

Issued in Accra, this 12th
day of August, 2010


July 2010

ACI has announced the following appointments made to the Board and Management of the Company:

1. Mr. Francis Kalitsi to the position of Chief Investment Officer, and thus has joined the Board of Directors of the company as an Executive Director.

Mr. Kalitsi spent two years with Renaissance Capital in a variety of positions including Head of its Real Estate Private Equity business in Africa and as a Director of Corporate Finance and Investment Banking in West Africa. Before joining Renaissance Capital, from 2001 to 2007, he was an Investment Officer at the International Finance Corporation in Washington DC where he managed key client relationships, negotiated and executed several principal equity investments for the IFC in Africa, Latin America, Eastern Europe and Asia. Before leaving the IFC, Mr. Kalitsi was the New Business Coordinator for South Asia in its Global Financial Markets Department.

Mr. Francis Kalitsi began his career with Merrill Lynch in 1992 and later joined Marriott International’s Development Finance Group in Bethesda, MD. In that role he was part of the team that crafted and executed the Corporation's growth strategy, which included introducing new lodging brands, multiple acquisition of international hotel companies and divestitures.

He holds a BSc from Boston University, and an MBA from the University of Chicago’s Graduate School of Business, where he was a Merit Scholar.

2. Mr. Enyo Akar has replaced BOC Company Services Ltd. as Company Secretary of ACI

Mr. Akar joined ACI in January 2010 as Human Resource Manager. He trained in Psychology in Birmingham, UK and has professional qualifications with London Chamber of Commerce & Industry and Royal Society of Arts, UK, in Information Processing, Business Studies and Communications. Mr. Akar has extensive experience as a Business Development Consultant involved in change management/shifting paradigms as well as setting up workflow systems, policy and procedures, and customer service retention programmes. Work experience includes working as part of a team for handling daily logistics, property management, security and administration for up to 350 staff and 150 mobile office workers, consultants and associates.

Issued in Accra, this 20th
day of July, 2010

April 2010

ACI has announced that the Company’s Annual General Meeting will be held on Wednesday, May 19, 2010 at the Ebenezer Presbyterian Church Hall, Osu at 10.00 a.m.

Issued in Accra, this 12th
day of April, 2010
ACI has released its Audited Financial Statements for the year ended December 31, 2009 as per the extracts attached.

Issued in Accra, this 1st
day of April, 2010


Financial Statements

September 2017

ACI has released its un-audited Financial Statements for the first quarter, half year and third quarter 2016 as per the attached.

Issued in Accra, this 12 th day of September, 2017

Attachment 1

Attachment 2

Attachment 3

October 2015

ACI has released its un-audited Financial Statements for the third quarter ending September 30, 2015 as per the attached.

Issued in Accra, this 23rd day of October, 2015

August 2015

ACI has released its un-audited Financial Statements for the half year ending June 30, 2015 as per the attached.

Issued in Accra, this 5th day of August, 2015

May 2015

ACI has released its 2014 Annual Report and Financial Statements for the information of the general investing public.

Issued in Accra, this 11th
day of May, 2015
ACI has released its un-audited Financial Statements for the first quarter ending March 31, 2015 as per the attached.

Issued in Accra, this 11th day of May, 2015

October 2014

ACI has released its 2012 Annual Report and Financial Statements for the information of the general investing public.

Issued in Accra, this 3rd
day of October, 2014
ACI has released its 2013 Annual Report and Financial Statements for the information of the general investing public.

Issued in Accra, this 3rd
day of October, 2014

January 2013

ACI has indicated to the Exchange an error that resulted in the company submitting the wrong 2011 Financial Statements and Annual Report around the first week of June, 2012. ACI said substantively inaccurate financial information was submitted to the market. The statement further indicated that the fault for the inaccuracy and its submission lied wholly with the company.

The inaccuracy, the statement went on, was due to wrongly accounting for the sale of leasehold land and the consolidation of the results of ACI’s subsidiary, which had a pervasive impact on significant account balances such as Revenue, Fixed Assets and Tax.

ACI have thus asked to withdraw the prior document and replace it with the amended version, per the attached corrected financial statements and annual report for the year ended December 31, 2011. The statement went on to apologize sincerely for any inconvenience caused.

Issued in Accra, this 31st
day of January, 2013

October 2010

ACI has released its un-audited Financial Statements for the third quarter ending September 30, 2010 as per the attached.

Issued in Accra this 22nd
day of October, 2010


April 2010

ACI has released its un-audited Financial Statements for the first quarter ending March 31, 2010 as per the attached.

Issued in Accra, this 29th
day of April, 2010


Market News & Information

November 2015


The Chairman of the Ghana Stock Exchange (GSE)
The Director General of the Securities and Exchange Commission (SEC)
The Managing Director of GSE
The Deputy Managing Director of GSE
The Chairman of IZWE Loan Limited
The Managing Director and Management of IZWE Loan Ltd
Members of the media,
Distinguished invited Guests,
Ladies and Gentlemen

1.    It is a great pleasure to be part of this landmark event. Today IZWE Loan Limited is listing GH¢ 80 MILLION MEDIUMTERM NOTE on the Ghana Stock Exchange (GSE). This is a remarkable achievement for us as policy makers and key stakeholders in the transformation of our financial sector. This listing is the first local currency-denominated corporate bond and an opportunity for us to use the newly launched GAX.

2.    Let me welcome IZWE Loan Ltd to the bourse and congratulate the Board, Management and staff for this important stride in the business. Special thanks to Lead Arrangers and all other related institutions for this transaction.

3.    I have been informed IZWE Ghana is part of a Pan-African Financial Services Group operating in Zambia, Kenya and South Africa. The Board and Management deserve special commendation for efficiently and effectively managing the company and issuing this bond in Ghana. We expect that this step will not only broaden the investment scope and diversify their portfolio with those in the fixed income market, but also lead to an enhanced liquidity of corporate bonds on the Exchange.
Mr. Chairman

4.    IZWE Loan Ltd listing on GAX today is a clear demonstration that the company is poised to meet the high expectations of investors and the general public. The Company will now be expected to set higher targets including higher returns on investment, profitability capital adequacy for itself. I therefore urge IZWE Loan Management and employees to continue with their zeal in providing quality services and improved financial performance to the satisfaction of all its Stakeholders.

5.    It is also noted that IZWE is currently serving over 35,000 customers in Ghana with loan book of about GH¢90million. The proceeds from the Notes are to be used to finance IZWE loan activities and manage its liquidity situation. Let me advise the managers of the fund to use the funds judiciously and for the set objectives. In this way, IZWE will be contributing immensely to the development of our capital market and the economy in general.

Distinguished Ladies and Gentlemen
6.    Government’s strategic direction is to expand opportunities for all and ensure an accelerated socio-economic transformation in partnership with the private sector. Through various reforms in the financial sector over the years, progress has been made in expanding the range of financing options for businesses seeking to raise capital. We are of the view that these options still remain narrow, dominated by the banking system which generally is only able to offer short-term financing and a limitation for medium to long-term financing.

7.    We therefore need to harness all resources towards the achievement of more robust, deeper and broader financial system. Developing the capital market will enable us attract the financing needed for critical investment for both Government and the private sector. In this regard, Government is working assiduously with other stakeholders to place the corporate bond market on a sustainable growth path.

8.    A vibrant capital market will help close the infrastructure gap, create wealth, unleash the creative potential of the people, inject efficiencies in the operation of public utilities and enterprises, and turn ideas into marketable products of global dimensions. The capital market as part of the financial system is therefore critical for our economic development process.

Mr. Chairman,
9.    The importance of Small and Medium Enterprises (SMEs) and their contribution to economic growth, social cohesion, employment and community development is acknowledged worldwide. This sector continues to play a vital role, as a tool for the economic empowerment of the poor. In Ghana, SMEs account for over 90% of business enterprises and continue to contribute largely to the creation of new jobs.

10.    It is estimated that SMEs provide about 85% of manufacturing employment, account for over 90% of existing businesses and are the primary driver for GDP growth. Broadly, SMEs contribute to economic diversification, employment creation, provision of basic goods and services, and generation of exports and tax revenues for our development process.

11.    It is gratifying to note that Government’s efforts in establishing the alternative Market, (GAX) has begun yielding positive results. The focus of GAX on start-ups and existing enterprises with the potential for growth is a step in the right direction. In addition, listing on the Exchange also bring enormous benefits. Let me note a few below.

•    Initial listings increase a company’s ability to raise further capital;
•    The Exchange facilitates transparency in transactions of listed securities in a competitive condition;
•    Reinforce the culture of equity ownership across the wider Ghanaian public;
•    Expand investment options for all Ghanaians; and
•    Improve corporate governance

12.    We therefore urge all other businesses to follow the foot prints of IZWE Ghana to use GAX as a medium to raise capital to finance new projects, undertake expansions, diversifications and for acquisitions.

Mr. Chairman,
13.    Government will continue to support this alternative market through various collaborative initiatives to improve infrastructure and create a conductive environment that will attract investors. The Government will also continue to issue and list bonds with a view to providing an important benchmark for other securities offered in the market.

14.    Currently, all indications signal a potential for growth in the securities market. The over subscription recorded in recent past securities issued both in domestic and global markets testifies to the huge potential in the sector that can be mobilized and channeled to fuel our economy. We therefore need to intensify our education and awareness campaign for potential investors and issuers as well as the general public.

15.    I wish to reiterate that the capital market and for that matter the Exchange remains the most appropriate source of capital and a trading platform for all businesses seeking to raise long term financing at a relatively lower cost for their operations. We need to rely on this alternative financing route to complement the financing from the banking system. In this way, the private sector will be able to play its role in the development process more meaningfully.

16.    Once again, I commend all stakeholders for this significant achievement in our financial sector development process. To IZWE Ghana, congratulation on a successful bond listing, and I wish you all the best as you forge ahead with your business.

Thank you all

April 2015

Meridian-Marshalls Holding Company Limited (MMH) was incorporated under the Companies Code, 1963 (Act 179) as a limited liability company on February 26, 2013 in Accra, Ghana. The company took over the entire shareholding of Meridian PreUniversity and Marshalls College. MMH provides career-oriented post-secondary education through its subsidiaries, Meridian Pre-University (MPU) and Marshalls College (Marshalls). MMH seeks to raise GH¢2,500,000 through the issuance of twenty-five (25) million new ordinary shares at GH¢0.10 per share and subsequently list on the Ghana Stock Exchange’s (GSE) Ghana Alternate Market (GAX).

Meridian-Marshalls Holding Company Limited - MMH - Prospectus

February 2010

The patch that the market went through in 2009 resulted from the effect of the global financial crisis which began to be felt in the fourth quarter of 2008 and the fact that in 2009, the Exchange also effectively began migrating from paper certification to electronic book entry securities under our new automated Trading System.

August 2009


The market continued to witness low trading volumes during the first half of 2009.

Aside the global economic crisis, the low activities can also be attributed to the somewhat slow process of immobilization of share certificates into the new depository system. This has to some extent slowed down activities as only shares in the depository are allowed to trade. It is expected that the trend will change when more investors dematerialize their paper certificates and the Ghanaian economic climate improves.


The GSE All-Share Index recorded a decrease of 48.00% to end the half year of 2009 at 5,423.98points. This is in sharp contrast to the 55.77% gain recorded during the same period in 2008. This means that during the half year to June 2009, the GSE All-Share Index was significantly below the interest equivalent on 91 day Treasury bills of 25.49%.

Turnover recorded for the period under review was significantly lower than that for the same period in 2008. The half year to June, 2009 recorded a total volume of 41.47million shares valued at GH¢37.69million compared with a volume and value of 189.08million shares and GH¢196.53m respectively for the same period in 2008.

Active Shares
The ten most actively traded equities for the period January to June, 2009 contributed to total volume and values of trades recorded on the market. In volume terms, GCB continued to lead the pack contributing 28.87% to total volume traded, followed by SCB and CAL with 22.40% and 13.7% respectively. BOPP was fourth with 10.15% while FML, ETI, AYRTN, UNIL, SIC and UT, followed in that order with between 6% and 1% of total volume traded.

In value terms, SCB led the half year with a contribution of 39.33% to total value traded followed by GCB and UNIL with 24.87% and 9.04% respectively. Other companies including CAL, PZ, BOPP, FML, ETI and GGBL contributed between 5.74% and 0.99% to total value traded.

Market Capitalization
Market capitalization at the end of June, 2009 was GH¢15,279.49m (approx. US$10,465.40m) compared with GH¢15,587.76m (approx. US$15,133.74m) at the end of June 2008.


The process of immobilizing share certificates into the GSE Securities Depository system continued to be vigorously pursued by the Exchange. The GSE Securities Depository Company Ltd (GSD) and the Exchange during the period under review consulted and collaborated with stakeholders, particularly Registrars, Dealers and Listed Companies in this regard. It is expected that the evidence of the positive results of the GSE automation will soon be significant as a good number of share certificates are deposited in depository accounts by existing shareholders and new accounts are opened by potential investors.

To facilitate this programme, all listed companies at their respective AGMs passed resolutions as directed by the Exchange to amend their company regulations in order to allow for the conversion of paper certificates into electronic securities. The Exchange and the GSD had the opportunity at these AGMs to speak to shareholders on the benefits of the Depository. So far the top ten with respect to the level of dematerialized securities are:


Although the impact of the global financial crisis is being felt in the Ghanaian economy, recent attention on Ghana from the international community as a result of the country’s relatively stable political environment in the sub-region, the visit by the US president, President Barack Obama and Government’s effort aimed at greater economic stability are indications that opportunities still abound for wealth creation and stability augurs well for both existing and potential investors on the stock market. Analysts also believe that the Exchange’s performance in this first half of the year presents an opportunity for stock market investments as shares are relatively cheaper at current prices.