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Business & Finance | Apr 5, 2004

GSE Suspends Trading In GBL, GGL Shares

GNA

The Ghana Stock Exchange (GSE) has announced the suspension of the trading of shares in Ghana Breweries Limited (GBL), and Guinness Ghana Limited (GGL) with effect from April 2.

In a press release issued by the GSE, it said the action was to prevent unfair disorderly trading in the two securities pending regulators consideration of GGL's revised proposal.“In view of that and the upcoming Easter holidays, trading in the shares of GBL and GGL will resume on Tuesday April 13, 2004,” the statement said.

GBL and GGL had at the latter parts of last year started merger talks that analysts say if successful will see the emergence of a giant brewery company in the country. Both companies have established strong brand names in the brewery industry in the country. GBL is a subsidiary of Heineken BV of Holland with strong brand image in Star beer, Gulder, and Amstel Malt.

GGL, on the other hand, is a subsidiary of Diageo with a strong brand image in the brewery of stout beer like Guinness and Guinness Extra Smooth, Goldon's Spark and Malta Guinness and other brands of the company.

GBL had come from a period of near collapse over the last three years to become an attractive company to other breweries.

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