GSE suspends trading of CPC’s shares

Front view of Cocoa Processing Company

• Front view of Cocoa Processing Company

The Ghana Stock Exchange (GSE), says it has suspended trading in shares of Cocoa Processing Company (CPC) beginning yesterday.

The GSE said in Accra on Tuesday that the suspension was because CPC has not met listing obligations.

“The company has failed to submit financial reports or to conduct annual general meeting despite several promptings,” the GSE said in a statement.

The suspension will remain in force until September 13, by which time the cocoa grinder will need to rectify the anomalies, the statement said.

“Failure to do so will attract further sanctions as per the GSE listing rules,” it added.

The plant is currently operating at less than 20 per cent of its annual capacity of 64,500 tonnes, because of lack of funds to purchase beans for grinding.

Its Managing Director, Frank Asante, told Reuters earlier this month that the company needed at least $300 million to repay debt and to buy beans upfront to regain commercial viability.

CPC, formerly wholly owned by industry regulator Ghana Cocoa Board (Cocobod), was listed on the GSE in 2003.

Cocobod, the Finance Ministry and the state-run SSNIT pension fund own a total of 94.1 per cent of the company.

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