The Ghana Stock Exchange, (GSE), will suspend the listing status of licensed cocoa buyer, Produce Buying Company (PBC) Limited from the bourse effective August .
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 statement 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.
According to the statement, the Company is the biggest cocoa buyer largely owned by the Social Security and National Insurance Trust, SSNIT and government, through the Finance Ministry with almost 75 percent shares.
PBC recently branched out into real estate and shea nut processing establishing the Golden Bean Hotel in Kumasi and Shea Factory in Buipe in the Northern region.
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.
Agona East Assembly distributes hybrid coconut seedlings to farmers
The Agona East District Assembly has procured 10,000 new hybrid coconut seedlings for free distribution to more than 100 farmers, under the Planting for Export and Rural Development programme, rolled out to support farmers in the district.
The District Chief Executive, (DCE), Dennis Armah-Frempong said this is part of efforts towards helping to achieve government’s industrialization agenda, the one district one factory policy.
Already 4,000 coconut seedlings have been distributed and the remaining 6,000 will soon be given to farmers. He pointed out that factories, can not run without raw materials, hence the support to make the policy a reality.
Mr. Armah-Frempong cautioned beneficiary farmers not to sell the seedlings and said the Assembly would collaborate with the Ministry of Food and Agriculture, MOFA directorate to monitor the farmers against diversion of the seedlings.
He added that government will ensure Ghana’s export trade contributed to accelerated economic growth through strategically aggressive marketing of made-in Ghana products.
He said the provision of coconut and other cash crop seedlings will support the private sector to secure a sustainable position for Ghana’s non- traditional export products and services in strategic markets.