COCOBOD warns against illegal sale of WAMCO assets

The Ghana Cocoa Board (COCOBOD) is warning the general public to ignore an advertisement making the rounds by one Fidelity Securities Limited (FSL) on the purported sale of assets of West African Mills Company Limited (WAMCO) at Sekondi-Takoradi in the Western Region.

According to COCOBOD, the intended sale of WAMCO is "without its knowledge, consent and approval" hence, any person or institution that enters into such a deal would be doing so at its own risk.

A release by the Public Affairs Department of COCOBOD said the shareholders are yet to reach an agreement on issues regarding the nature of the liquidation because both the majority (Hamester) and minority (COCOBOD) shareholders did not agree on the process yet.

Below is the full statement

ATTEMPT TO SELL THE ASSETS OF WEST AFRICAN MILLS COMPANY LIMITED (WAMCO) WITHOUT THE INVOLVEMENT OF GHANA COCOA BOARD

The attention of the general public is hereby drawn to an advertisement by a certain Fidelity Securities Limited (FSL), on the sale of assets of West African Mills Company Limited (WAMCO), located in Sekondi/Takoradi in the Western Region.

We wish to inform the general public that WAMCO is jointly owned by Hamester (which holds 60%) and COCOBOD (the minority shareholder with 40%)

At a meeting of the shareholders, it was agreed that WAMCO should be liquidated. Whilst the majority opted for private liquidation, COCOBOD opted for official liquidation, which, in its considered view, would ensure transparency and value for money. The issue regarding the nature of the liquidation has therefore not been resolved and same is outstanding.

Meanwhile, WAMCO owes COCOBOD an amount of USD49.5Million in cocoa beans supplied over the years.

COCOBOD hereby informs the general public that the purported attempt to sell the assets of WAMCO is without its knowledge, consent and approval and should be ignored.

Consequently any person or institution that enters into such a deal, would be doing so at its own peril.

ISSUED BY PUBLIC AFFAIRS GHANA COCOA BOARD

Public Affairs Dept. Ghana Cocoa Board P. O. Box 933 Accra, Ghana