The managing director of Cocoa Processing Company Limited (CPC) Nana Agyenim Boateng I has resigned, an official statement has said, as the company struggles to make some impact on the local equities market.
Meanwhile, no reason has yet been assigned to his resignation from the Cocoa Processing Company Limited. His resignation is expected to take effect from 21st March 2023, the company said in a circular to investors.
A circular to the Ghana Stock Exchange said the board has put in place wide-ranging measures to ensure the seamless operations of CPC until a substantive replacement is found.
“CPC announces for the information of the general investing public, the resignation of Nana Agyenim Boateng I, Managing Director of CPC, effective March 21, 2023.
“The Board has put in place wide-ranging measures to ensure the seamless operations of CPC until a substantive replacement is found. The market will be notified before March 21, 2023, of the new Managing Director or the one who will be acting in the position until a substantive Managing Director is appointed.”CPC
Cocoa Processing Company Limited encouraged its shareholders of the company’s desire to bring the company to the path of growth and profitability. “CPC assures its stakeholders of its commitment to the highest standards of corporate governance and continuity of operations,” the circular stated.
CPC Trades Flat for Extended Period of Time
For a period of more than 3 months, the Cocoa Processing Company’s activity on the Ghana Stock Exchange (GSE) has been on the line with no movement in price.
Cocoa Processing Company Limited which operates in the Consumer Goods sector of the local bourse closed its trading day (Friday, February 17, 2023) at GHS0.02 per share on the Ghana Stock Exchange (GSE)- closing the same mark as it opened.
Cocoa Processing Company is the 18th most traded stock on the Ghana Stock Exchange over the past three months (Nov 16, 2022 – Feb 17, 2023). CPC has traded a total volume of 19,411 shares valued at GHS 388 over the period, with an average of 308 traded shares per session. A volume high of 8,013 was achieved on January 30 for the same period.
The Cocoa Processing Company Limited (CPC) based in Tema, was incorporated in November 1981 as a Limited Liability Company. The company, whose main objective is to process cocoa beans by adding value to them, comprises two factories, namely the Cocoa Factory and the Confectionery Factory. The former processes raw cocoa beans into semi-finished products (cocoa liquor, butter, natural/alkalized cake or powder) whilst the Confectionery Factory manufactures the Golden Tree chocolate.
Cocoa Processing Company Limited is listed on the Ghana Stock Exchange (GSE). Cocoa Processing is traded on the GSE under the ticker symbol “CPC”. The International Securities Identification Number (ISIN) of GSE:CPC is GH0000000540. Cocoa Processing Company Limited is currently the 25th most valuable stock on the GSE with a market capitalization of GHS 40.8 million, which is about 0.063% of the Ghana Stock Exchange equity market.
The company’s Earnings Per Share is -0.0562 while it’s Price/Earning Ratio is -0.36 with Dividend Per standing at 0.00. CPC has a Dividend Yield of 0% and Shares Outstanding 2.04 billion.
With the company’s MD Resigning, shareholders will be optimistic that the fortunes of the company will be turned around in the near future.