Effective Thursday, the Ghana Stock Exchange (GSE) will suspend the listing status of licensed cocoa buyer, Produce Buying Company (PBC) Limited from the bourse.
This follows the Company’s inability to publish its financial results since the end of its financial year in September 2018.
The Exchange in a release Tuesday said, “the non-publication is in breach of the continuing listing obligations under the GSE Listing Rules.”
“PBC has also failed to redeem the Tranche P4 of its note program which matured on December 6, 2018,” the GSE release added.
Part VI of the GSE Listing Rules outlines that a listed company shall comply with the continuing listing obligations and disclosure policy. Failure to do so shall result in the imposition of sanctions by the Exchange.
The Exchange's Rules and disclosure policy as set out in Parts VI and VII of the Rules “empowers the GSE to suspend listing or compulsorily de-list securities where the company has failed to comply, or is unable, or unwilling to comply for any reason whatsoever with the Exchange's requirements on continuing listing obligations and also where the company has failed to comply with its Listing Agreement, or other agreements with the Exchange.”