ALUWORKS Limited is an aluminium continuous casting and cold rolling mill located at the port City of Tema, Ghana. “Our business is to produce and sell semi-finished flat-rolled sheet products for the building, construction, and household industries in Ghana and West Africa”. “Our principal products include (coloured, plain, mill finished or stucco embossed, roller or tension leveled) aluminium sheets-in-coil; slit coils and flat sheets; aluminium discs; plus roll-formed or corrugated sheets, ridges and louver blades”. The company was incorporated as a private company limited by shares on the 24th day of February 1978, and granted a certificate to commence business on the 22nd March 1978.
At incorporation all the shares were owned 100% by the Aluminium Industries Commission (now the Mineral Commission). Subsequently its shareholder base was expanded by private placing to include individual, institutions, tertiary aluminium processing companies and banks.
The factory was built between 1982 and 1985, and was officially commissioned for production on 21st September 1985 with an installed capacity of 10,000 metric tons of various aluminium product at 70% utilization. The plant capacity was expanded to 20,000 metric tons per annum in 1992 and to 30,000 metric tons in 2002, and operated with a workforce of about 440. Currently; the labour strength is about 265.
ALUWORKS was converted to a public limited company at its 9th Annual General Meeting of Shareholders held on 28th May 1996.
After an Initial Public Offer (IPO) in October 1996 at the price of GH¢0.135 per share, the company was listed on the Ghana Stock Exchange on November 29, 1996. Further bonus shares were offered in 2002. In 2009, authorized share was increased by shareholders to 1,000,000,000 shares. Following two rights issues in 2009 and 2013, issued shares currently amount to 236,687,001 shares as at 31st December 2018. The principal shareholders of the company are SSNIT (62.62%), and Caitlyn Limited (20.88%).
The lowest share trading prices is GH¢0.07 while its highest share trading price is GH¢0.17.
Per Aluworks unaudited Financial Statement for 2019, Aluworks made a loss of GH¢28,831,000 as compared to GH¢33,162,000 in 2018. Earnings per share also stood at 0.1218 pesewas in 2019 and 0.1401 pesewas in 2018.
Currently, it shares goes for GH¢0.10 as at 1st June, 2020.
Ibrahim Obeng Abubakar
ibrahimobeng10@gmail.com
Sources: ALW, GSE.