Manufacturer of personal healthcare products and consumer goods, PZ Cussons, has completed its delisting process from the Ghana Stock Exchange (GSE).
PZ Cussons effective October 19, 2020 will no longer be listed on the local bourse.
PZ Cussons in 2019 announced its decision to delist from the GSE to work on achieving operational efficiency by providing management more time and resources to focus on running and expanding the business, its distribution network and reach.
The decision, it noted, was subject to approval from shareholders and relevant industry regulators.
The delisting process according to PZ Cussons, follows the successful settlement of all tendering shareholders, a process which saw PZ Cussons Limited, mop up shares tendered on the market by shareholders, now making the company the majority shareholder with over 160.4 million shares, representing 95.50 per cent of issued shares.
Since 2017, about 8 companies have had their listing on the GSE suspended or have on their own initiated delisting processes from the local bourse.
While companies like Mechanical Lloyd and PZ Cussons voluntarily delisted, others like Pioneer Kitchenware, African Champion Industries, Golden Web, Transactions Solutions Ghana and UT Bank underwent compulsory delisting.
A situation Alex Boahen, Head of Research at Databank, has attributed to the failure of the companies to deliver dividends as well as share price appreciation.
