The Ghana Stock Exchange (GSE) has delisted Pioneer Kitchenware Ltd (PKL) from the main equity market of the Exchange effective January 14, 2019.
According to a statement from the GSE the decision to delist Pioneer Kitchenware Ltd is based on Rule 13 of the GSE Listing Rules.
Under Rule 13(1) of the GSE’s Listing Rules, “the Council may at any time and in circumstances as it thinks fit, suspend or cancel a listing and shall do so to protect investors and to ensure an orderly market”.
“Among the reasons for which Council may de-list a company is where the financial situation of the Company is significantly threatened, as provided under Rule 13(4)(g) of GSE’s Listing Rules; or where the Company consistently fails to comply with GSE’s Rules and directives, as per Rule 13(4)(h) of GSE’s Listing Rules.
The Exchange indicated in the referenced press statement that PKL would be compulsorily de-listed at the end of December 2018 if the company was not done with the restructuring and resumed production. PKL is currently not in production,” the statement said.
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PKL has since withdrawn that request with the intention to restructure its operations and remain listed.
“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.