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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    CBOD calls for a more structured supply of Forex for petroleum products

    Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020

    Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine

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    Bank of Namibia Governor pays courtesy call on BoG Governor

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    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

    #CitiBusinessFestival: Forum on surviving uncertainties of consumer markets comes off today

    A law that will compel banks to lend to Agric sector players being considered – Min. of Agric

    National Unemployment Insurance Scheme training launched

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    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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Dannex pharmaceutical welcomes Starwin – Mirfeild Rights Issue court ruling

bycitibusinessnews
June 16, 2016
in Local Economy, Top Stories
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Local pharmaceutical giant Dannex, has welcomed yesterday’s Accra High Court ruling which cleared pharmaceutical firm Starwin of any wrong doing in the sale of majority of its shares to it through a Rights Issue.

Starwin in December 2014 sold 68.64 percent stake of the company to Dannex at a cost of over 5.5 million cedis through a Rights Issue.

But the Board of Directors of Starwin was subsequently dragged to court by some members of its board as well as Mirfield properties limited over allegations of violating Starwin’s regulations during the issue.

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However after close to two years, an Accra High court presided over by Justice Eric Kyei Baffour yesterday ruled that the regulations of Starwin Products Limited were not breached in the conduct of the Rights Issue.

Speaking to Citi Business News after the court ruling, the company secretary for Starwin Kwesi Austin said the company was pleased with the latest development.

According to him, the ruling will reassure the shareholders of engaging in legal transaction that will bring them good returns.

“For our shareholders it represent a confirmation that the process that the company conducted was proper and therefore any shareholder who acquired shares under this Rights Offer has validly acquired the shares,” he stressed.

He stated that with the court case out of the way, the Board of Directors and management are poised to focus their full attention on the activities of the company to make it competitive in the pharmaceutical industry.

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“The company can continue to focus more on the governance of the company and delivering value for the company without having this issue of share at the backs of their minds,” he said.

–

By: Vivian Kai-Lokko/citibusinessnews.com/Ghana

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