Cal Brokers Ltd has hinted of its decision to leave the brokerage business in Ghana and also announced its intent to resign from the membership of the Ghana Stock Exchange (GSE). The decision was communicated to the Ghana Stock Exchange (GSE) and market players last week.
In a public statement to the GSE, Cal brokers noted, “This is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business.
Accordingly, the Council of the Exchange will consider the application, and further information will be provided in due course of an approved timetable for the cessation process.”
The application is, however, pending approval from the council of the Exchange which has confirmed receipt.
This will mean that, after approval, Cal brokers will cease to operate as a brokerage firm on the Ghana Stock Exchange.
Sources at the GSE say the decision by the company has nothing to do with any regulatory breaches but described the move as a normal business decision.
CAL Brokers Limited, a subsidiary of CAL Bank Limited ( GSE:CAL ) is a local Licensed Dealing Member (LDM) of the Ghana Stock Exchange with a strong client relationship with major Ghanaian and offshore investors and significant experience in managing and executing stock exchange transactions.