Ghana Stock Exchange suspends Pioneer Kitchenware’s listing status

The Listing Status of aluminium household items manufacturer, Pioneer Kitchenware Limited (PKL), has been suspended, the Ghana Stock Exchange (GSE) announced March 21, 2012.

“The suspension of PKL has become necessary due to failure to observe the continuing listing obligations including failure to hold annual general meetings,” the GSE said in a statement.

The suspension of the Tema-based company takes effect from Monday, March 26, 2012, according to the GSE.

PKL was listed on the Ghana Stock Exchange on August 25, 1995 and it has 33.34 million issued shares and 100 million authorized shares, according to information on iBroker’s website.

PKL was established July 11, 1959 as Ghana Aluminium Factory Limited. It later changed its name to Pioneer Aluminium Factory (PAF). Prior to the company’s Initial Public Offer, the Government of Ghana in 1995 sold its 40% stake in the then PAF.

For the second time, the firm’s name was changed to Pioneer Kitchenware Limited in August of 2006 and that has been the name of the company till date.

Pioneer Kitchenware Limited is said to be a market leader in the production of aluminium household items. The company produces cookware sets, pans, buckets, casseroles under the aforementioned brands.

By Ekow Quandzie