The country’s biggest licensed cocoa buyer, PBC will soon turn to its shareholders to raise some 200 million cedis.
According to PBC, the rights issue has become crucial because it needs additional capital to meet its day to day operations as well as some expansion works.
PBC was looking at securing the approval from shareholders at its AGM last week, but the proposal was shot down at the last minute, by one of its major shareholders – the government, through the Ministry of Finance and Economic Planning.
The company is now looking at holding an extra-ordinary general meeting to secure the necessary approval before it embarks on the rights issue.
Joseph Osei Manu, Deputy Managing Director of PBC told Joy Business the rights issue has become necessary because it has become increasingly expensive to borrow from banks.