GSE to Delist Cocoa Processing Company, Two Other Companies
The Ghana Stock Exchange (GSE) has put on its watch list three distressed companies including Cocoa Processing Company (CPC) for possible delisting if their financials do not improve by the end of May, 2018.
CPC, known for its flagship ‘Golden Tree’ products, currently operates at less than half of its annual capacity of 64,500 tonnes.
CPC said in August it needed at least $300 million to revive its operations.
The GSE in August suspended trading in the company’s shares for two weeks after it failed to submit financial reports or to conduct annual general meeting despite several promptings.
Also on the watch list is Aluworks Ghana Limited, an aluminium raw material supplier, currently operating at around a third of its 30,000 tonnes capacity due to lack of funds.
The Managing Director of Aluworks, Kwasi Okoh said the company had instituted measures to balance its finances before the May deadline.
“The outlook is clear and by May, all of this would have been resolved,” he told Reuters.
The Exchange is also watching Information Technology service provider Clydestone Ghana for a possible delisting because of its weak finances.
Clydestone also has operations in Nigeria and Kenya, where it provides electronic services such as payment platforms and third party processing to financial institutions.
Tina Satuh, corporate communications manager, declined to comment on the GSE statement, saying management had yet to discuss the issue.