Two out of five companies suspended by the Ghana Stock Exchange (GSE) last week are back in the trading business, local media reported here Tuesday.

Clydestone (Ghana) Limited and Transaction Solutions (Ghana) Limited (TRANSOL), together with three others, were sanctioned for failing to comply with some regulations guiding listing on the local bourse.

The lifting of the suspension of Clydestone and TRANSOL, according to the GSE, followed their rectification of anomalies associated with their operations on the GSE.

The other three companies–African Champion Industry Limited (ACI), Pioneer Kitchenware Limited, and Golden Web Limited, however remain suspended till September 8, when they are expected to comply with regulations on the GSE.

A statement by the exchange and to local news network, Citi Business News, indicated the Exchange has lifted the suspension in trading of the shares of CLYD and TRANSOL with immediate effect.

A statement announcing their suspension on Monday said the five companies had failed to meet their continuing listing obligations in spite of several promptings to do so.

The GSE listed the offenses of the companies as “failure to submit financial reports, non-payment of annual listing fees, and failure to conduct Annual General Meeting, among others.”

The suspension of trading in the other companies will remain until September 8, when they are expected to rectify the anomalies.
The rules governing operations of listed companies state that the “delisting of an entity will become an ultimate decision if a company fails to rectify identified anomalies within a given period of time.”

These include failure to pay listing fees, provide timely update on audited financial reports and when management of the said entities do not conform to expected standards. Enditem

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Source: Xinhua/NewsGhana.com.gh