The Ghana Stock Exchange (GSE) has suspended the listing status of Pioneer Kitchenware Ltd (PKL) with immediate effect.
In February 2017, PKL submitted a request to voluntarily de-list the company from the GSE’s Main Market to enable the directors to restructure the company.
PKL has since withdrawn that request with the intention to restructure its operations and remain listed.
Under the GSE’s Rules 13(4)(g) and (h), a listed company may be de-listed on grounds of non-disclosure regarding its continuing listing obligations or if the financial situation of the company is significantly threatened. PKL is currently not in production.
“The GSE has therefore decided to suspend the listing status of PKL with immediate effect. If and when the restructuring of the company is successfully concluded, the suspension will be lifted otherwise, PKL will be compulsorily de-listed at the end of December 2018,” a press release from the GSE stated.
Earlier the GSE stated it would de-list Aluworks, Pioneer Kitchenware and Cocoa Processing Company by May this year if they fail to meet some listing requirements.
Managing Director of the Ghana Stock Exchange, Kofi Yamaoh said, “So far we have those that we’ve put on the watch list…those that we’ve signed on to delist by the end of March, the deal is done. I mean it’s completed.”