Effective Thursday, the Ghana Stock Exchange (GSE) will suspend the listing status of licensed cocoa buyer, Produce Buying Company (PBC) Limited from the bourse.
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 release Tuesday 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,” the GSE release added.
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% 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.”
The staff of PBC recently protested against Kofi Owusu-Boateng, the Managing Director, and Charles B. Ntim, the Board Chairman, Mr who they accused of mismanaging the company.
A week ago, they picketed at the head office to register their disapproval.
The anger staff have also demanded the appointing authority to rescind the appointment of the two leaders and employing efficient persons to turn the company’s fortunes around.