UT Bank Limited has been removed from the companies listed on the Ghana Stock Exchange (GSE) following the takeover by the GCB Bank Limited.
This was contained in a press statement from the GSE released on Monday August 14.
The statement added that: “UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015, which is an infraction on the part of the bank as the financial results publication is a requirement for listed companies.”
Below is the full statement:
The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely.
UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.
The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.
The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.
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