The GSE's PR. No. 448/2017 of December 27, 2017 as per the attached refers. The following update is hereby provided in respect of the companies that were put on a watch-list from December 27, 2017.
1. Aluworks Limited (ALW)
ALW has informed the GSE of discussions with two major shareholders in resolving its working capital difficulties, among others. According to ALW, a closure to the discussions is expected in the coming weeks, latest September 2018. If at the close of December 2018, the working capital difficulties persist or there are no clear plans for resolution of the difficulties, then a decision will be taken to de-list the company from the GSE's Main Market. ALW shall therefore continue to be on the watch list till then.
2. Cocoa Processing Company Limited (CPC)
In February 2018, the Chief Executive Officer and Management of CPC took their turn on the GSE's “Facts behind the Figures" programme to present to the market and the general investing public, their operational and financial performance over the last three years, 2015 to 2017. More importantly, the occasion was to bring to the attention of the investing public, the company's plans to return to a more positive performance. CPC also promised to submit all the financial results that were in arrears.
CPC is, however, yet to submit those audited results relating to years ended September 2015, 2016 and 2017 and has cited the fact that it does not have a full complement of board of directors for the purpose of approving and signing those audited accounts. The company will therefore continue to be on the watch list up to the end of December 2018 and if the issues of non-submission of results and negative performance are not addressed by then, it will be compulsorily de-listed from the GSE's Main Market.
3. Clydestone Ghana Limited (CLYD)
CLYD, represented by the Chief Executive Officer, other directors and executives came on the “Facts behind the Figures" programme in June 2018. The presentation threw light on the current operations of the company.
The CEO highlighted prospects they envisage in the short to medium term including new businesses as well as improvement in bottom line which they believe will be sustained going forward.
For first quarter to March 2018 and the half year to June 2018, the company's revenue improved compared to the same period of 2017. It recorded GH¢1.55 million and GH¢2.90 million respectively. CLYD also recorded profit after tax for Q1 2018 of GH¢111,500 (loss of GH¢126,300 for Q1 of 2017) and a profit after tax for the half year to June 2018 of GH¢105,400 (loss of GH¢126,300 for the same period in 2017).
On the basis of the foregoing, Clydestone's “Watch List" status will be maintained but lifted at the end of September 2018 if the improvement seen is sustained.