Ghana Stock Exchange says trading of CPC's shares suspended
ACCRA, Aug 29 (Reuters) – The Ghana Stock Exchange will suspend trading in shares of Cocoa Processing Company (CPC) beginning Wednesday because the state-run company has not met listing obligations, the exchange said on Tuesday.
The company has failed to submit financial reports or to conduct annual general meeting despite several promptings, the exchange said in a statement. The suspension will remain in force until Sept. 13, by which time the cocoa grinder will need to rectify the anomalies, it 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 percent 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 Cocobod, was listed on the Ghana Stock Exchange in 2003. Cocobod, the Finance Ministry and the state-run SSNIT pension fund own a total of 94.1 percent of the company.
No one from CPC was immediately available to comment. (Reporting by Kwasi Kpodo)