Aluworks
{{Short description|Aluminium-based products company in Ghana}}
{{Infobox company
| name = Aluworks
| logo = Aluworks logo.jpg
| logo_size = 250px
| traded_as = {{GSE|ALW}}
| type = Public
| owner =
| caption =
| foundation = February 24, 1978
| location = Tema, Greater Accra
No. 63/1, Heavy Industrial Area, P. O. Box 914, Tema, Greater Accra, Ghana
| key_people = Seth Adjei, Chairman{{Cite web |last=Andoh |first=Charles |date=7 July 2016 |title=Aluworks requires US$15m to revive operations |url=https://www.graphic.com.gh/business/business-news/aluworks-requires-us-15m-to-revive-operations.html |access-date=29 September 2023 |website=Graphic Business}}
E. Kwasi Okoh, CEO{{Cite web |last=emmakd |date=2020-11-13 |title=Aluworks seeks $40m working capital to optimize operations |url=https://www.ghanabusinessnews.com/2020/11/13/aluworks-seeks-40m-working-capital-to-optimize-operations/ |access-date=2023-09-29 |website=Ghana Business News |language=en-US}}
| num_employees =
| industry = Aluminium
| revenue =
| assets =
| products = sheets, coils, louver blades, corrugated roofing
| homepage =
}}
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.{{Cite web |date=2016-07-04 |title=Aluworks closes in on US$25m turnaround deal |url=https://www.ghanaweb.com/GhanaHomePage/business/Aluworks-closes-in-on-US-25m-turnaround-deal-452606 |access-date=2023-09-29 |website=GhanaWeb |language=en}} 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.{{cite web|title=Aluworks Limited Stock Quote|url=http://afx.kwayisi.org/gsegh/alw.html|website=afx.kwayisi.org|accessdate=14 February 2016}} 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.
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.{{Cite web |date=2021-12-15 |title=Aluworks PLC commends govt for 35.77% duty on cheap aluminium products |url=https://www.ghanaweb.com/GhanaHomePage/business/Aluworks-PLC-commends-govt-for-35-77-duty-on-cheap-aluminium-products-1424782 |access-date=2023-09-29 |website=GhanaWeb |language=en}}
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.{{Cite web |last=Ngnenbe |first=Timothy |date=10 January 2020 |title=Commission begins petition hearing on unfair trade practices |url=https://www.graphic.com.gh/news/general-news/commission-begins-petition-hearing-on-unfair-trade-practices.html |access-date=29 September 2023 |website=Graphic Online}} The company petitioned the Ghana government, citing dumping, trade in cheap goods, and price undercutting.{{Cite web |date=13 January 2020 |title=Aluworks Petitions Govt Over Unfair Trade By Chinese Competitors |url=https://www.modernghana.com/news/978709/aluworks-petitions-govt-over-unfair-trade-by-chine.html |access-date=29 September 2023 |website=Modern Ghana}}
Suspension
In 2017, the company was put on a watch list by the Ghana Stock Exchange.{{Cite web |date=2017-12-30 |title=GSE to delist CPC, two other companies |url=https://www.ghanaweb.com/GhanaHomePage/business/GSE-to-delist-CPC-two-other-companies-613404 |access-date=2023-09-29 |website=GhanaWeb |language=en}}
In 2018, the company again was threatened by the Ghana Stock Exchange to be delisted due to lack of compliance.{{Cite web |date=16 August 2018 |title=Stock Market: CPC, Aluworks Currently On Negative Performance |url=https://www.modernghana.com/news/876426/stock-market-cpc-aluworks-currently-on-negative-performanc.html |access-date=29 September 2023 |website=Modern Ghana}}
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.{{Cite web |date=2023-09-29 |title=GSE to suspend listing status of Aluworks from October 2, 2023 - MyJoyOnline.com |url=https://www.myjoyonline.com/gse-to-suspend-listing-status-of-aluworks-from-october-2-2023/ |access-date=2023-09-29 |website=www.myjoyonline.com |language=en-US}}
References
{{Reflist}}
External links
- [http://afx.kwayisi.org/gsegh/alw.html Aluworks Limited Stock Quote]
- [https://web.archive.org/web/20070705150051/http://www.gcsinvestments.com/downloads/companyreports/ALW%20REPORT%202006.pdf Aluworks Ltd at Gold Coast Securities]
Category:Aluminium companies of Ghana
Category:Manufacturing companies established in 1978
Category:1978 establishments in Ghana
Category:Companies listed on the Ghana Stock Exchange
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