GSE suspends listing status of ACI and GWEB

GSE suspends listing status of ACI and GWEB

The Ghana Stock Exchange (GSE) has with effect from Monday, September 11, 2017 suspended the listing status of African Champion Industry Limited (ACI) and Golden Web Limited (GWEB).

The GSE said ACI has failed to publish its audited financial statements for year ended December 2015 and 2016. ACI has also not conducted an annual general meeting since the last one in July 2015.

African Champion Industries, previously called Super Paper Products Co. Ltd., is a Ghanaian manufacturing company involved in the production of toilet paper. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. The company was established on May 23, 1967.

GWEB has failed to conduct an annual general meeting since the last one held in June 2011 and is also in arrears of its annual listing fee for 2017.

Golden Web Ltd. is a Ghana-based company engaged in agro-processing industry. The Company produces vegetable oils from Palm Kernel, crude and refined oils as well as groundnuts to soya beans. All vegetable oils and cakes produced by the Company, that amounts to 5%, are sold on the local Ghanaian market. About 80% of the palm-kernel cakes produced are exported to African countries leaving 20% for the local market.

It has two vegetable oil batch refineries and its new refinery of 176,400 square feet, has a capacity of 10 metric tones of refined oil per day. Trial runs are being done with Soya bean and Groundnut oil by the Company. Other oils to be processed are palm oil, coconut, palm kernel, sunflower and cotton seed, among other. The Company’s by-product, include soap stock, which can be used as an alternative raw material for soap manufacturers.

These companies are in breach of the continuing listing obligations under the GSE Listing Rules.