Cal Brokers is set to leave the Ghana Stock Exchange as it ceases its operations.
A statement from the stock exchange indicated that the move is as a result of the decision of the Shareholder and Board of Directors who have announced their intent to resign from the membership of the GSE and leave the Brokerage Business.
“This is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business,†the statement from the GSE said.
Meanwhile, the Council of the Exchange is expected to consider the application and provide further information of an approved timetable for the cessation process.
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Cal brokers is described as a business which deals in securities and business activities relevant to such dealings, including subscribing for, underwriting, buying and holding of all kinds of Securities as principal and/ or agents and financial advisory services.
The shareholder of the company is Cal Bank with Sam Bannerman-Wood and Thomas Boansi-Sarpong as Directors.
Cal Brokers was incorporated on 29th March, 1994 and has since co-sponsored Cal bank limited unto the Ghana Stock Exchange.
The company has a stated capital of 1.5 million cedis, above the regulatory requirement of one million cedis.
The company has neither undertaken any mergers and acquisition nor has it been taken over throughout its operations on the exchange.
The exit means that the Central Securities Depository assumes custody of the customers until it is able to subsequently hand them over to other twenty remaining brokerage firms.
Credit : Citinewsroom