The Liberty Securities Limited and First Atlantic Brokerage Limited (FABL) have been delisted by the Ghana Stock Exchange (GSE).
A statement by the GSE said the financial status of the company shows a significant deterioration in its operations, resulting in successive negative returns which have eroded shareholders’ funds.
It said: “The financial status of the company shows a significant deterioration in its operations, resulting in successive negative returns which have eroded shareholders’ funds.
“Rule 78 of the GSE Dealing Membership Rules requires a member of the Exchange to comply with the prevailing requirements of the Securities and Exchange Commission in respect of capital, liquidity, reports and returns.”
“FABL is in breach of regulation 22 of the SEC Regulations, 2003 (L.I. 1728), which requires a Broker-Dealer to maintain at any given time, minimum liquid fund amounting to at least 20% of the aggregate indebtedness of the Broker-Dealer,” the statement added.
The two entities henceforth, cannot execute trades on the stock market.
They cannot also provide advisory services to clients on capital market issues and holding in place or in trust, clients’ accounts or their security holdings.