Ghana Stock Exchange delists Sam-Woode Limited

The Ghana Stock Exchange (GSE) has suspended the listing of Sam-Woode Limited (SWL) from the Accra Bourse.

It took effect from Tuesday, September 29, 2020, after the company announced a shutdown of its operations.

The company said it was out of business as a result of the introduction of a new Ghana Education Service (GES) curriculum leading to obsolescence of its textbook inventories and the stoppage of its book sales operations.

The company has therefore filed a suspension of operations with the Ghana Revenue Authority (GRA) and the Social Security and National Insurance Trust (SSNIT).

Rule 13(4)(a) of the GSE Listing Rules empowers GSE to suspend listing where a listed company has ceased to be operating, GSE said in a statement announcing the development.

SWL has also informed GSE of a special resolution passed by its shareholders at its Annual General Meeting of November 21, 2019, to voluntarily delist from GSE, and the company’s plans to undergo restructuring.

The company is being restructured into a parent company, Sam-Woode Ltd, with two subsidiaries. The first subsidiary, SWL Learn Ltd, is a novel online Educational Portal (SWL Learn APP) hosted on http://swllearn.com/ and available on android and IOS devices.

This app is equipped with the latest Augmented and Virtual Reality Educational Technology.

The second subsidiary is SWL Edutech Ltd which will be a printing press to be involved in printing and manufacturing teaching and learning materials.

“SWL admits that it has fallen behind in its regulatory compliance at GSE and will expedite action on submitting all returns to GSE,” the release added.

The GSE said it will ensure that SWL communicates with its investors, plans to honour its voluntary de-listing obligations in line with the Exchange’s Rules.