Shares of IT firms, Clydestone and Transaction Solutions (Transol) ceased trading on the Ghana Stock Exchange – with effect from Monday June 09, 2012.
According to managers of the exchange, this has been necessitated by the inability of the companies to hold their Annual General Meetings.
Aluminum Manufacturing Firm, Pioneer Kitchenware was in March this year asked to cease trading because of similar reasons.
Speaking to JOY BUSINESS, Head of CAL Brokers David Tetteh said the exchange is only enforcing its rules rather than getting tough with companies that are not observing listing rules.
“The y are very simple rules that the exchange has for listed companies and these are not tough requirements. Much as we want more companies get listed we do not want companies that will come in and flout the exchange’s regulations” he noted.
He also had some advice for shareholders of the two companies.
“Shareholders of the companies must now go to their Annual General Meeting, ask questions and demand answers from their directors and management regarding what must have led to this development” he added.
Clydestone listed on the Ghana Stock Exchange in 2005 at a price of 6 pesewas and TRANSOL, in December 2006 at 10 pesewas. Clydestone closed trading on the exchange last Friday at 4 pesewas per share and Transol at 5 pesewas.