The Government is shedding off 25 per cent of its shares in the Cocoa processing Company, (CPC), cocoa products manufacturer to the public from tomorrow.
In all, 215 million shares at a minimum of 100 shares at ?1,000 each will be involved in the public offer.
The Minister of Finance, Mr Yaw Osafo-Maafo who formally launched the public share offer floatation at Tema said the offer is a key pillar of the government?s policy, to promote private investment and create wealth for the advancement of the nation.
He said as part of the drive to realise the Golden Age of Business, the private sector is being re-sourced and empowered to create wealth for the nation?s development.
The CPC?s privatisation, he therefore said, is a clear manifestation of the government?s goal to open up investment in order to afford the citizenry the opportunity to directly invest in, and own part of the company.
The minister also announced that the government has given special dispensation to the workers of CPC to buy their shares at a lower price than the public offer and also pay for their shares subscriptions over a month period.
He has therefore urged investors. and all Ghanaians to take advantage of this floatation to buy and own a share in a company which has been consistently profitable with a dedicated workforce and a capable management.
The Chairman of the Board of Directors, Ms Cecilia Abena Dapaah, said it has taken the leading brokers, the National Trust Holding Company, a year of hard work for the public and floatation to take off.
CPC was established in 1965, as a joint venture between the Government of Ghana and the Drevici group to process cocoa beans into finished and semi finished products.
It was incorporated into a limited liability company as a subsidiary of the Ghana Cocoa Board but was later given financial autonomy in 1992.
From a production level of 13,500 metric tons in 1992, it processed almost 25,000 metric tonnes of cocoa beans in 1999/2000.
The increase in production yielded a net profit before tax of ?24,989 billion as against a profit of ?2,879 billion in 1992.
Ms Dapaah said the board has recently approved the company?s expansion programme which will increase its present capacity of 25,000 metric tonnes to 64,000 tonness within two years with a turnover of 260 per cent.
She, therefore, urged all Ghanaians to invest in the offer since the company has an excellent track record and has over the years won several international and local awards for its quality products.
Nana Akuamoah Boateng, the Omanhene of Kwahu Traditional area, who chaired the function, said the privatisation of CPC forms part of the series of reforms by the government to restructure the cocoa industry to improve its efficiency and increase domestic processing from the current 21 to 40 per cent.
The launch was witnessed by representative of a number of financial institutions that are taking part in the floatation.
