Business News Fri, 30 Nov 2007

SPPC posts income surplus of GHC273,810

Tema, Nov. 30, GNA - The Super Paper Products Company (SPPC) recorded an income surplus of GH=A273,810 between January and September this year.

Mr Probal Kumar Das, Managing Director of the company who announced this at an emergency general meeting of directors and shareholders in Tema on Wednesday said this feat was achieved through a "Strategic Plan" to turn the company around.

He said the average monthly production in 2007 increased by 25 per cent over the previous year and that average sales also stepped up by 16 per cent over 2006.

Mr Das announced that new investors and shareholders had joined the Board of the company, which was enjoying harmonious industrial relations, adding that a new Collective Bargaining Agreement had been concluded with the Union in a record time. He said continuous training of staff and waste reduction were being given top priority and the company was witnessing higher levels of operation.

The Directors proposed a Rights Issue of 13 million shares to fund the purchase of equipment to modernise operations. Shareholders voted overwhelmingly in favour of the Rights Issue. 30 Nov. 07

Source: GNA