The Ghana Stock Exchange (GSE) has lifted the suspension on trading activities of two of the five companies that were sanctioned for not complying with regulations of the GSE.
The two companies are Clydestone Ghana Limited and Transaction Solutions Ghana Limited (TRANSOL).
The GSE said the companies had corrected the anomalies associated with their operations on the local bourse.
A statement by the GSE, copied to Class Business indicates that Clydestone has for instance, submitted the unaudited financial reports for 2016 to the GSE, hence the lifting.
Meanwhile, former Director of the Securities and Exchange Commission, Dr Adu Antwi, has urged the remaining companies to rectify all the anomalies cited by the Commission in order to get back onto the local burse.
“We don’t expect it to be happening, but there are rules of the Stock Exchange that listed companies must comply with, so if you are not complying with the rules, especially those fundamental ones for example the holding of Annual General Meeting which in company law, requires you to have [you’ll be sanctioned],” he stated.
He added: “I think we should try to remedy the situation… You can only hold AGM after you’ve given 21 days of announcement notice to shareholders. If you have given shorter notice it will be difficult for you to hold it . . . If they are not able to hold it within the time frame, you must make effort to prove to the Exchange that you are about holding it, except that maybe the time for notices will not permit you to do it as early as possible. I think the Stock Exchange will look at that but the attempt must be made.”
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