It appears that appeals to delist the Cocoa Processing Company (CPC) from the Ghana Stock Exchange, may not be heeded anytime soon as the majority shareholder, the Ghana COCOBOD, is yet to make any decision on the issue.
Workers of the CPC, last month, ignited calls for the company to be removed from the list of entities operating on the Ghana Stock market on basis that the company is no longer profitable.
The request followed a visit to the company by the Board Chairman of the COCOBOD, Hackman Owusu Agyeman.
The staff also maintained that the delisting should allow government complete takeover and eventually improve the efficiency of the cocoa processor.
Already the CEO of COCOBOD, Joseph Boahen Aidoo has served notice his outfit will supply about thirty thousand tonnes of cocoa beans to the CPC despite its indebtedness to the tune of 50 million dollars.
Mr. Boahen Aidoo also tells Citi Business News the decision on whether or not to delist the CPC from the Ghana Stock Exchange would only be concluded when all shareholders meet on the matter.
The immediate Director General of the Securities and Exchange Commission (SEC), Dr. Adu Anane Antwi earlier described as unfortunate any attempt to heed the request by the workers of the CPC.
According to Dr. Antwi, the move would rather distort the market at a time that the industry is urging consolidation of Ghana’s capital market.
Although there have been meetings between COCOBOD and CPC on the matter, Mr. Boahen maintains that his outfit could not readily announce any plan until all shareholders agree to a common term.
Currently, COCOBOD owns about 57 percent of the shares, while the Ministry of Finance owns about 26 percent, with SSNIT controlling about 11 percent. The remaining shares which is less than 10 percent is owned by individuals.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana