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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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UT Bank resumes trading on GSE with 208100 volume of trade

bycitibusinessnews
January 9, 2017
in Banking And Finance, Top Stories
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UT bank has resumed trading shares on the Ghana Stock Exchange (GSE) with a 208,100 volume traded at a share price of 0.0 3 pesewas on the bourse as at 1pm today.

This gives the bank the highest volume traded so far for 2017 after the bank was halted by the GSE on January 5, 2017 for failing to publish its quarterly audited accounts to shareholders.

It is unclear the why the significant increase but some explanations received by Citi Business News indicate that the high volume traded may be attributed to new information released by the bank to restructure its business, increasing confidence for investors.

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UT Bank in a circular to brokers and shareholders explained that the deferral of the publication was to enable it restructure its business.

According to the bank, “This deferral was sought to enable the bank complete a restructuring of the business which will have a material impact on the presentation of its financial statements”.

It added that “ the bank is currently in the process of finalizing accounts for 2015 and 2016. These results and related arrears will be released before the end of the first quarter of 2017”.

It further assured that the Board and Management of UT Bank are working closely with its auditors, advisors and regulators to complete the restructuring and subsequently raise capital which was approved at the Extraordinary General Meeting held on 4th May, 2016.

Management of the bank assured that significant progress has been made in the bank’s capital raising efforts and the transaction is expected to be completed soon.

“The Board of Directors and Management of UT Bank Limited are focused on growing the Company and creating value for our shareholders and customers. We look forward to stronger partnerships as UT Bank prepares to enter this new phase of its organizational history”.

Meanwhile, An Associate Equity Trading analyst with UMB, Kofi Kyei has explained that even though the measure is not new it is aimed at protecting investors.

According to him, it is imperative for listed companies to provide periodic information to investors since investors take major decisions based on availability of information.

“What the GSE did is aimed at protecting investors. it is part of the requirement that companies have to obey,” he said.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

 

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