Ghana lifts Pioneer Kitchenware’s bourse listing status suspension

The listing status of Pioneer Kitchenware Limited (PKL) which was suspended on March 26, 2012 has been lifted, the Ghana Stock Exchange confirmed in a statement.

PKL’s status was suspended due to the company’s inability to hold annual general meetings (AGMs) which were in arrears.

However, PKL on Wednesday, November 28, 2012 held its AGM which covered 2008, 2009, 2010 and 2011.

“Accordingly, the Exchange has lifted the suspension of listing imposed on the company with immediate effect,” the GSE said in a statement December 3, 2012.

The inability of a company on the bourse to hold AGMs violates the listing rules.

Tema-based PKL is an aluminium household items manufacturer. It was listed on the GSE on August 25, 1995 and it has 33.34 million issued shares and 100 million authorized shares, according to the website of CAL Bank’s iBroker.

PKL was established July 11, 1959 as Ghana Aluminium Factory Limited. It later changed its name to Pioneer Aluminium Factory (PAF). Prior to the company’s Initial Public Offer, the Government of Ghana in 1995 sold its 40% stake in the then PAF.

For the second time, the firm’s name was changed to Pioneer Kitchenware Limited in August of 2006.

The company produces cookware sets, pans, buckets, casseroles among others.

By Ekow Quandzie