Trading in shares of the Cocoa Processing Company (CPC) Limited is suspended by the Ghana Stock Exchange (GSE), starting Wednesday, August 30, 2017, management of the Accra Bourse announced here on Wednesday.
It said the distressed grinder which produces the flagship Golden Tree chocolate bars and drinks had failed to meet obligations for its continued listing on the bourse.
“The obligations are failure to submit financial reports and failure to conduct Annual General Meeting,” the GSE statement explained.
The CPC founded in 1965 with a 64,500 tones a year grinding capacity has cut production down to below 20 percent capacity due to financial constraints.
With the African Development Bank (AfDB)’s promise to invest into agricultural value chain development in Ghana, CPC is one of the institutions hoping to benefit from this investment program as came to light during a visit by Akinwumi Adesina President of AfDB last month (July 2017) that it needs at least 300 million U.S Dollars investments to return to profitability.
“The suspension of trading in CPC will be in force until September 13, 2017, which is the deadline for the company to rectify the anomalies. Failure to do so will attract further sanctions as per the GSE Listing Rules,” the stock exchange warned. Enditem