The Ghana Stock Exchange has announced that UT Bank will resume trading shares on the stock market from Monday, January 9, 2017 after a temporary halt.
The bank trading activities was halted by the Ghana Stock Exchange after UT failed to publish its quarterly audited accounts to shareholders.
Meanwhile, UT Bank has also released a circular to brokers and shareholders of the bank, explaining that the deferral of the publication was to enable the bank restructure its business.
According to the bank, “This deferral was sought to enable the bank complete a restructuring of the business which will have a material impact on the presentation of its financial statements”.
It added that “ the bank is currently in the process of finalizing accounts for 2015 and 2016. These results and related arrears will be released before the end of the first quarter of 2017”.
It further assured that the Board and Management of UT Bank are working closely with its auditors, advisors and regulators to complete the restructuring and subsequently raise capital which was approved at the Extraordinary General Meeting held on 4th May, 2016.
Management of the bank assured that significant progress has been made in the bank’s capital raising efforts and the transaction is expected to be completed soon.
“The Board of Directors and Management of UT Bank Limited are focused on growing the Company and creating value for our shareholders and customers. We look forward to stronger partnerships as UT Bank prepares to enter this new phase of its organizational history”.
Meanwhile, An Associate Equity Trading analyst with UMB, Kofi Kyei has explained that even though the measure is not new it is aimed at protecting investors.
According to him, it is imperative for listed companies to provide periodic information to investors since investors take major decisions based on availability of information.
“What the GSE did is aimed at protecting investors. it is pat of the requirement that companies have to obey,” he said.
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By: Lawrence Segbefia/citibusinessnews.com/Ghana