The offer results and delisting have been approved by the GSE. Out of a total 2,079 shareholders represented in the register, 410 tendered a total of 8.8 million shares valued at over GHC3.9 million, representing 53.37% of the total number of shares under the offer.
In July this year the GSE approved the delisting of P Z Cussons from the stock market following a review of offer documents to initiate the process.
In line with plans
The firm had asked shareholders to approve a plan to delist in October 2019.
“P Z Cussons Ghana Ltd wishes to announce the company’s intention to delist from the Ghana Stock Exchange subject to shareholder approval, and approval from the Securities and Exchange Commission (SEC) and/or the Ghana Stock Exchange (GSE),” a statement from the company said.
According to P Z Cussons Ghana, the proposed delisting is in line with the company’s plans to achieve operational efficiency by giving its management more time and resources to focus on running and expanding the business, its distribution network and its reach, thereby ensuring consumer satisfaction.
The statement added, “The proposed delisting is not expected to impact job security, day-to-day operations and relationships with stakeholders.”
In recent times the GSE has warned of stiffer punishments for all listed companies which do not comply with its listing regulations.
There are about 40 companies listed on the Ghana Stock Exchange.