The Ghana Stock Exchange (GSE) announces for the information of the general investing public actions in respect of some listed companies as per below. This Press Release No. 448/2017 replaces 447/2017 of same date.
1. Golden Web Limited shall be compulsorily delisted at the end of March 2018. Under Rule 13(1) of GSE’s Listing Rules, “The Council may at any time and in circumstances as it thinks fit, suspend or cancel a listing and shall do so to protect investors and to ensure an orderly market”. Among the reasons for which GSE may delist a company is where the financial situation of the company is significantly threatened, as provided under Rule 13(4)(g) of GSE’s Listing Rules; or where the company consistently fails to comply with GSE’s Rules and directives, as per Rule 13(4)(h) of GSE’s Listing Rules. 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.
2. The GSE received 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. The decision was the latter option. Transol is thus required to complete the voluntary de-listing process by March 30, 2018.
3. Three companies: Aluworks Limited; Cocoa Processing Company Limited; and Clydestone Ghana Limited have been put on a watch list till end of May 2018 on account of the fact that their financial situations are 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.
4. Pioneer Kitchenware Limited has 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.
Issued in Accra, this 27th day of December, 2017