The Ghana Stock Exchange (GSE) has decided to compulsorily de-list Pioneer Kitchenware Limited (PKL) from the Main Equity Market of the Exchange.
The company was taken off the Official List at the end of the trading day on January 14, 2019.
The decision 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 had indicated in an an earlier press release 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.