The Ghana Stock Exchange (GSE) has delisted UT Bank from the bourse.This was contained in a release copied to Citi Business News stating that the GSE has compulsorily delisted UT Bank Limited from the Official List of the Exchange effective September 14, 2017.
“The Council of the GSE at its meeting held on Monday, September 4, 2017 passed a resolution to compulsorily delist UT Bank Limited from the Official List of the Exchange. This follows the revocation of the licence of UT Bank by Bank of Ghana on Monday, August 14, 2017,” the statement said.
The Bank of Ghana on August 14, 2017 granted permission to GCB Bank to assume the assets and some liabilities of two distressed banks—UT and Capital banks.
The decision, according to the Governor of the central bank, Dr. Ernest Addison is among others to protect the interest of depositors and strengthen Ghana’s financial system.
Delisting the company from the bourse, the GSE explained that Listing Rule 13(4)(a), states that “the Exchange may suspend listing, or compulsorily delist securities where the company has sold, or otherwise disposed of its
principal operating assets, has ceased to be an operating company, or has discontinued a substantial portion of its operation or business without shareholders’ authorization”.
(By: Lawrence Segbefia)