The Ghana Stock Exchange (GSE) had suspended trading in the shares of 5 listed companies as the regulator continues to crack the whip on listed companies that fail to meet their listing obligations. The companies are expected to be suspended for two weeks from Monday August 28, 2017.
The companies are mainly small market cap stocks including:
1. African Champion Industry Limited (ACI)
2. Clydestone (Ghana) Limited (CLYD)
3. Golden Web Limited (GWEB)
4. Pioneer Kitchenware Limited (PKL)
5. Transaction Solutions Limited (TRANSOL)
The GSE noted that the above companies violated the listing obligations. “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, failure to conduct Annual General Meeting, among others."
The companies have been given a deadline of September 08, 2017 to rectify the anomalies in order to allow the GSE to lift the suspension. “The suspension of trading in the above companies will be in force until September 8, 2017, which is the deadline for the companies to rectify the anomalies."
The GSE has indicated that there would be further sanctions on companies that fail to rectify the situation and meet the listing obligations by the September 08 2017 deadline. “Failure to do so will attract further sanctions as per the GSE Listing Rules."