Acting Managing Director, Ghana Stock Exchange, Ekow Afedzi The Ghana Stock Exchange (GSE) says it would soon reinstate Produce Buying Company (PBC) onto the market.
This is based on some progress made by the companies in question to comply with the listing rules.
The Acting Managing Director of the GSE, Ekow Afedzi who disclosed this to JoyBusiness was however silent on the exact date that the GSE would finalize the process.
Suspension of PBC from the GSE
The GSE in September last year announced the suspension of the listing status of Produce Buying Company, PBC .
This follows the company’s inability to publish its financial results since the end of its financial year in September 2018.
According to the Exchange “PBC has also failed to redeem the Tranche P4 of its note program which matured on December 6, 2018.”
The Exchange’s Rules and disclosure policy as set out in Parts VI and VII of the Rules “empowers the GSE to suspend listing or compulsorily de-list securities where the company has failed to comply, or is unable, or unwilling to comply for any reason whatsoever with the Exchange’s requirements on continuing listing obligations and also where the company has failed to comply with its Listing Agreement or other agreements with the Exchange.”
Status of other firms on GSE’s watch list
Mr Afedzi also disclosed that some other firms that were recently put on its watch list would have status fully restored on the market.
He argues all these moves would help improve liquidity on the stock market in the coming months. Some new initiatives by the Ghana Stock Exchange The Ghana Stock Exchange is also working to introduce some new initiatives to boost market interest and also support a lot of businesses and small enterprises to come onto the exchange. Some of them include;1. Establishments of over the counter platform and Business Incubation GSE to establish an Over-The-Counter Platform Ekow Afedzi indicated that they are working to establish an Over-The-Counter platform for businesses very soon.The move would allow companies that are not necessarily listed on the Ghana Stock Exchange. Normally it refers to the process of how securities are traded for companies that are not listed on the formal exchange.Securities that are traded over the counter traded via a broker-dealer network as opposed to on a centralized in some cases these securities do not meet the requirement of any formal exchange.Mr Afedzi tells JoyBusiness this […]
