GSE to suspend listing status of Aluworks Plc
The Ghana Stock Exchange (GSE) has announced the suspension of the listing status of Aluworks Plc (ALW) effective from the close of trading on Monday, October 2, 2023. This action aligns with Rule 13(1) of the Exchange’s Listing Rules and follows a series of compliance lapses by ALW.
The decision to suspend ALW’s listing status is a direct consequence of the company’s failure to fulfill its reporting obligations. Specifically, Aluworks Plc has not submitted its audited accounts for the year 2022, as well as the unaudited financial statements for the first and second quarters of 2023. This lapse in timely disclosure of critical financial information to the market is in violation of Rule 13(4)(c) and (e), despite repeated reminders from the Exchange.
Under Rule 13(4)(c) of the Listing Rules, the GSE possesses the authority to suspend listing or undertake compulsory de-listing of securities when a company fails to comply, or is unable or unwilling to comply, with the Exchange’s requirements concerning continuing listing obligations and disclosure policies. Similarly, Rule 13(4)(e) recommends similar actions when a company fails to adhere to its Listing Agreement, other agreements with the Exchange, or the Exchange’s Rules.
The suspension of Aluworks Plc’s listing status will take effect on Monday, October 2, 2023. The GSE remains steadfast in its commitment to upholding the integrity and transparency of the market.
Further updates and pertinent information regarding this development will be disseminated through official press releases as deemed necessary by the Exchange.
The Ghana Stock Exchange reiterates its dedication to maintaining the highest standards of corporate governance and regulatory compliance within the Ghanaian financial markets.
