GHANA STOCK EXCHANGE TO DELIST AFRICAN CHAMPION INDUSTRIES PLC

From September ending this year, African Champion Industries plc will not be listed on the Ghana Stock Exchange any more. 

Reason? It will be removed from the list of quoted companies of the exchange compulsorily by the exchange because, says the exchange, the financial position of the company is deemed significantly threatened.

According to an official statement from the exchange, in 2017 trading in the shares of the company was suspended  for not holding annual general meeting  and submitting its accounts on schedule.

The suspension was eventually lifted after these deficiencies were corrected but the gross of the exchange now is that African Champion lapsed back into the same situation again within such a short time.

From the figures released to the market, adds the exchange, ACI reported a loss of GHs 650,601 in 2016 and net profitvof GHs 2.214m in 2017.

But in the 1st and 2nd quarters of this year GHs 291,973 and 334,476 losses were recorded.

African Champion manufactures toilet rolls and was listed in 1992 after becoming a public company in 1990, 23 years after being incorporated in 1967.

It has an authorised capital of 500m shares out of which 36.5m have been issued.

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