Aluworks

Aluworks
Company typePublic
GSE: ALW
IndustryAluminium
FoundedFebruary 24, 1978
HeadquartersTema, Greater Accra
No. 63/1, Heavy Industrial Area, P. O. Box 914, Tema, Greater Accra, Ghana
Key people
Seth Adjei, Chairman[1]
E. Kwasi Okoh, CEO[2]
Productssheets, coils, louver blades, corrugated roofing

Aluworks is a manufacturing company based in Tema, Greater Accra. It was founded on February 24, 1978, and was converted to a public limited liability company on May 28, 1996.[3] After an Initial Public Offer in October 1996, it was listed on the Ghana Stock Exchange on November 29, 1996, at the share price of GH¢ 0.135.[4] The company is a component listing of the GSE All-Share Index. It is the only company in Ghana that casts and processes aluminium ingots.[3]

Operations

Aluworks makes aluminium sheets, coils, corrugated roofing, and louver blades from raw aluminium ingots.

In 2021, the Chairman of the company was Lade Wosomu.[5]

Controversy

In 2020, the management of the company accused Sunda International and Yai Tin International of importing subsidized aluminium coils and circles into Ghana. The company also accused them of reduction of prices and abuse of the 5% duty rates.[6] The company petitioned the Ghana government, citing dumping, trade in cheap goods, and price undercutting.[7]

Suspension

In 2017, the company was put on a watch list by the Ghana Stock Exchange.[8]

In 2018, the company again was threatened by the Ghana Stock Exchange to be delisted due to lack of compliance.[9]

In 2023, the Ghana Stock Exchange suspended the listing status of the company due to the company's failure to submit its audited accounts for 2022 and its financial statements for 2023.[10]

References

  1. ^ Andoh, Charles (7 July 2016). "Aluworks requires US$15m to revive operations". Graphic Business. Retrieved 29 September 2023.
  2. ^ emmakd (2020-11-13). "Aluworks seeks $40m working capital to optimize operations". Ghana Business News. Retrieved 2023-09-29.
  3. ^ a b "Aluworks closes in on US$25m turnaround deal". GhanaWeb. 2016-07-04. Retrieved 2023-09-29.
  4. ^ "Aluworks Limited Stock Quote". afx.kwayisi.org. Retrieved 14 February 2016.
  5. ^ "Aluworks PLC commends govt for 35.77% duty on cheap aluminium products". GhanaWeb. 2021-12-15. Retrieved 2023-09-29.
  6. ^ Ngnenbe, Timothy (10 January 2020). "Commission begins petition hearing on unfair trade practices". Graphic Online. Retrieved 29 September 2023.
  7. ^ "Aluworks Petitions Govt Over Unfair Trade By Chinese Competitors". Modern Ghana. 13 January 2020. Retrieved 29 September 2023.
  8. ^ "GSE to delist CPC, two other companies". GhanaWeb. 2017-12-30. Retrieved 2023-09-29.
  9. ^ "Stock Market: CPC, Aluworks Currently On Negative Performance". Modern Ghana. 16 August 2018. Retrieved 29 September 2023.
  10. ^ "GSE to suspend listing status of Aluworks from October 2, 2023 - MyJoyOnline.com". www.myjoyonline.com. 2023-09-29. Retrieved 2023-09-29.


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