The Ghana Stock Exchange (GSE) has suspended two IT firms Clydestone and Transaction Solutions (Transo) today, owing to the companies allegedly not following the bourse’s trading rules.
GSE managers said this has been necessitated by the ‘inability’ of the companies to hold their annual general meetings.
Clydestone Ghana is an information communication and technology (ICT) company specialized in payment systems, networking and outsourcing. Transaction Solutions provides prepaid vouchers and top-up products, third party payments; electronic funds transfer (EFT) systems, infrastructure and support services; and automatic teller machines (ATMs) services.
Aluminum Manufacturing Firm, Pioneer Kitchenware was asked in March this to cease trading because of similar accusations.
The head of trading firm CAL Brokers, David Tetteh, said the exchange was only enforcing its rules, rather than getting tough with companies
“They are very simple rules that the exchange has for listed companies and these are not tough requirements,” he said.
“Much as we want more companies get listed we do not want companies that will come in and flout the exchange’s regulations," said Tetteh.
Also, he advised shareholders of the two companies that they 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.
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