Clydestone Ghana rules out delisting from GSE

IT firm, Clydestone (Ghana) Group has stated it will not be pursuing a delisting from the Ghana Stock Exchange despite the regulatory challenges it faced in August 2017. 

This was disclosed by the Group CEO of the company, Paul Jacquaye when the company took its turn at the Ghana Stock Exchange’s (GSE) Facts behind the figures in Accra.

“Delisting is not something we are going to do. We believe that in giving value to shareholders you must obviously come out with good results, you must come out with increased profits, give them dividends and one thing you shouldn’t forget about is capital appreciation,” he said.

Mr Jacquaye believes that with time there will be a sustained buying and selling of shares of Clydestone which would lead to good movements in the share price with a positive outlook. 
The share price of Clydestone according to the GSE Stock Feed was trading at 0.03 pesewas.

Background

On August 25, 2017, the GSE announced that African Champion Industry Limited (ACI), Clydestone (Ghana) Limited (CLYD), Golden Web Limited (GWEB), Pioneer Kitchenware Limited (PKL) and Transaction Solutions Limited (TRANSOL) had been banned from trading.

The companies had been suspended according to the GSE because they failed to meet their continuing listing obligations in spite of several promptings to do so.

However, a press release dated August 28, 2017, stated that “The Ghana Stock Exchange has, with immediate effect, lifted the suspension in trading of the shares of Clydestone (Ghana) Limited (CLYD) and Transaction Solutions (Ghana) Limited (TRANSOL) that was imposed on the two companies.”

According to the bourse, at that time, Clydestone (Ghana) Limited CLYD and TRANSOL had rectified all the anomalies that led to their suspension.

Mr Jacquaye also expressed his unhappiness with how the GSE handled their challenges and explained how it had negatively affected the reputation and image of the company.

“For us, that statement was damaging to us and to our reputation because our foreign partners picked up on it,” he said.

He suggested that there could have been more engagement between the GSE and Clydestone so the GSE could better understand where the company was heading and what steps it had been taking to improve performance.

He also added that the company will wait for the press release from the GSE on the company’s financial position.