The Council of the Ghana Stock Exchange (GSE) has approved the resignation of Cal Brokers from its membership effective 13th December 2019.
In a public statement, Cal Brokers said, “This is pursuant to section 7&8 of the GSE Membership Rules. This means that CalBrokers will no longer be a member of the Ghana Stock Exchange and will therefore no longer provide brokerage services.”
Cal Brokers Ltd last week communicated to the Ghana Stock Exchange (GSE) its decision to leave the brokerage business in Ghana and also announced its intent to resign from the membership of the GSE.
In an earlier public statement to the GSE, Cal brokers noted, “This is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business.
Sources at the GSE say the decision by the company has nothing to do with any regulatory breaches but described the move as a normal business decision.
CAL Brokers Limited, a subsidiary of CAL Bank Limited is a local Licensed Dealing Member (LDM) of the Ghana Stock Exchange with a strong client relationship with major Ghanaian and offshore investors and significant experience in managing and executing stock exchange transactions.