Ghana Stock Exchange delists Sam-Woode Ltd
Sam-Woode Ltd has informed GSE of the suspension of operations, having been hit hard by the introduction of the new Ghana Education Service curriculum
The Ghana Stock Exchange (GSE) has suspended the listing of Sam-Woode Limited (SWL) from the local bourse.
The GSE said the delisting of the company took effect 29 September 2020. According to a statement from the exchange, the move has become necessary because the company has suspended operations.
“SWL, which is a publishing company, has informed Ghana Stock Exchange of the suspension of its operations due to being hard hit by the introduction of the new GES curriculum, which led to a subsequent obsolescence of its textbook inventories and the stoppage of its book sales operations.
“The company has therefore filed a suspension of operations with the Ghana Revenue Authority (GRA) and the Social Security and National Insurance Trust (SSNIT),” the statement said.
“Rule 13(4)(a) of the GSE listing rules empowers GSE to suspend listing where a listed company has ceased to be an operating company. It is on this basis that GSE will suspend the listing of SWL from Tuesday 29 September 2020.
Restructuring
“SWL has also informed GSE of a special resolution passed by its shareholders at its annual general meeting of 21 November 2019 to voluntarily delist from GSE, and the company’s plans to undergo restructuring,” the statement said.
The company is being restructured into a parent company, Sam-Woode Ltd, with two subsidiaries.
The first subsidiary, SWL Learn Ltd, is a novel online educational portal called SWL Learn App. The app is equipped with the latest augmented and virtual reality educational technology.
The second subsidiary is SWL Edutech Ltd. This will be a printing press, involved in printing and manufacturing teaching and learning materials.
Regulatory compliance
SWL admits that it has fallen behind in regulatory compliance at GSE and will expedite action on submitting all returns to the exchange.
The GSE said it will ensure that SWL communicates with its investors, and plans to honour its voluntary delisting obligations in line with the exchange rules.
In August 2017, the GSE suspended trading in the shares of some listed companies for failure to meet their continuing listing obligations despite several promptings to do so.
The shortcomings include failure to submit financial reports, non-payment of annual listing fees, and failure to conduct an annual general meeting.
The companies suspended at the time comprised include African Champion Industry Ltd, Clydestone (Ghana) Ltd (CLYD), Golden Web Ltd (GWEB), Pioneer Kitchenware Ltd (PKL) and Transaction Solutions Ltd (TRANSOL).
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