Mechanical Lloyd PLC has announced the intention to de-list from the Ghana Stock Exchange, which subject to shareholder approval, and approval from the Ghana Stock Exchange (“GSE”) and Securities and Exchange Commission (SEC).
At the end of the process, this will add to the total number of companies de-listed from the bourse at seven over the past three years – some voluntary, some enforced. This will reduce the number of companies listed on the bourse to 30.
Currently, PZ Cussons Ghana Limited is in its advanced stage of de-listing, with the commencement of the settlement of successful tenders as part of the de-listing process from the bourse.
A statement issued by the Company to Shareholders indicate that as part of the upcoming Annual General Meeting scheduled on October 15, 2020, a resolution will be put before them with regards to the proposed de-listing.
Currently, Mechanical Lloyd has a total of 50.10 million shares issued on the bourse, with a total market capitalization of GHc 4.51 million.
“The proposed de-listing is in line with Mechanical Lloyd’s strategy to review its business model and structures to re-position the Company going forward. The proposed de-listing will not impact job security, day-to-day operations and relationships with stakeholders,” the statement said.
Mechanical Lloyd will provide shareholders and the general public with further information on the de-listing if the resolution to de-list is passed by the Company’s shareholders.