PBC resolves to borrow money on behalf of shareholders

Accra, Sept. 29, GNA - Shareholders of Produce Buying Company Limited (PBC), on Wednesday passed a resolution to borrow on behalf of investors in excess of the company's stated capital, to the limit of the value of annual cocoa purchases.

Dr John Abu, Chairman of the Board of Directors of PBC, announced the resolution on Wednesday at the end of the company's extraordinary General Meeting in Accra.

"Shareholders resolved that Directors of the company in accordance with Section 66 (1c) of the Companies Code 1963, (Act 179) should transfer the sum of GH¢5,981,321 standing to the credit of the income surplus account of the company to its stated capital," he said. "They have further authorised the Directors. that subject to the auditor's report on the financial statement of the year ending September 30, GH¢4,104,302 should be transferred from its income surplus to the stated capital."

Dr Abu told the Ghana News Agency that the company is committed to facilitate government's effort to construct good roads to enable cocoa farmers to transport their goods. He said PBC would continue to supply farmers with implements to enable them produce quality yield. 29 Sept.10 Caption for pictures: 1627: The shareholders at the meeting